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Delta Exchange Blog
Trade Setup 20 Nov 2023
Research

Trade Setup 20 Nov 2023

Delta Exchange
Delta Exchange
November 20, 2023

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

  • Buy 38200 Call option of 22 November expiry @ $220
  • Sell 38800 Call option of 22 November expiry @ $150
  • Sell (2x) 40000 Call option of 22 November expiry @ $50 each

Stop Loss: Spot level = $36400 Target: Spot level of $38800 Payoff chart at Expiry:

  • Max Profit: $600/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 36800 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 22. 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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