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Delta Exchange Blog
Trade Setup 2 Nov 2023
Research

Trade Setup 2 Nov 2023

Delta Exchange
Delta Exchange
November 2, 2023

Bullish View on BTCUSDT Welcome to Daily Trade Setups. Trade:

  • Sell 34000 Put option of 4 November expiry @ $142.5

Stop Loss: P-BTC- 34000 Premium = $284 Target: P-BTC- 34000 Premium = $0 Payoff chart at Expiry:

  • Max Profit: $142.5/BTC
  • Max Loss: $142.5/BTC

Rationale: BTC has exhibited a pattern of achieving higher highs and higher lows in its daily price movements. Notably, it broke through key pivot levels at 35300 during the recent trading session, signifying a promising upward trajectory. Examining the 4-hour chart, it's evident that the price is consistently adhering to established support / demand zones. This steadfast adherence underscores the robust buyer sentiment in the market. Moreover, we've observed a significant surge in open interest (OI) for out-of-the-money (OTM) put options expiring on November 4. This uptick in OI for such options further bolsters our confidence in the current market conditions.

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.

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