Research
Trade Setup 17 Nov 2023
Delta Exchange
November 17, 2023
Sideways View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Buy 35600 Put option of 18 November expiry @ $150
- Sell (2x) 35000 Put option of 18 November expiry @ $70 each
Stop Loss: Spot level = $37600 Target: Spot level of $35000 Payoff chart at Expiry:
- Max Profit: $590/BTC
Rationale: BTC appears to be trading in a tight range, hovering between the support level at 35,500 and the resistance level at 37,500, which suggests a sideways trend in the short term. Adding to our odds, our analysis of Open Interest (Oi) data on November 18th reveals a balanced occurrence of both call and put options being written, contributing to a neutral market sentiment.
Disclaimer: This report must not be used as a singular basis of any trading decision. Please refer to https://www.delta.exchange/research-disclaimer for analyst disclaimer and other disclosures.