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Delta Exchange Blog
Trade Setup 20 Oct 23
Research

Trade Setup 20 Oct 23

Delta Exchange
Delta Exchange
October 20, 2023

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

  • Buy 30000 Call option of 21 October expiry @ $85
  • Sell (2x) 30600 Call option of 21 October expiry @ $35 each

Stop Loss: Spot level of $28500* Target: Spot level of $30600 Payoff:

  • Max Profit: $585/BTC* (It's based on expiry)
  • Max Loss: $15/BTC* (It's based on expiry: Refer Spot level for SL)

Rationale: BTC has successfully breached the pivotal level of 28,700 in today's price action, indicating an upward trend on the daily time frame. On the hourly chart, the price has shown respect for the support zone at 28,100 and achieved higher highs after a retracement to this foundational level, emphasizing its significance for BTC. In addition, we've noticed a notable increase in open interest (OI) on out-of-the-money (OTM) put options, further enhancing our confidence in the 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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