Research
Trade Setup 19 Oct 23
Delta Exchange
October 19, 2023
Bullish View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Buy 28800 Call option of 20 October expiry @ $70
- Sell (2x) 29200 Call option of 20 October expiry @ $35 each
Stop Loss: Spot level of $27500* Target: Spot level of $29200 Payoff:
- Max Profit: $400/BTC* (It's based on expiry)
- Max Loss: $0/BTC* (It's based on expiry: Refer Spot level for SL)
Rationale: BTC has violated / broken key resistance areas of 28000 during move on 16th October, and the trend has shifted to up from being sideways. On 1 Hr timeframe, price is retracing back to base of 28000, which is a support area for BTC. Also, the price is respecting support/ demand zone at 28100 and the retracement of price from levels of 30000 has not yet violated any support areas.
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.