Research
Trade Setup 19 Jan 2024
Delta Exchange
January 19, 2024
Bearish View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Buy 40000 Put option of 20 January expiry @ $150
- Sell (2x) 39400 Put option of 20 January expiry @ $75 each
Stop Loss: Spot level = $42500 Target: Spot level of $39400 Payoff chart at Expiry:
- Max Profit: $600/BTC
Rationale: The most recent movement in BTC suggests a potential temporary halt in the upward momentum, with noticeable retracements in play. Moreover, a recently established supply zone/resistance has been pinpointed on the charts. For risk management, we recommend setting a stop loss at 42500 to invalidate the aforementioned setup.
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.