Sideways View on BTCUSDT
Welcome to Daily Trade Setups.
Trade:
<ul>
<li>Buy 36500 Put option of 24 November expiry @ $115</li>
<li>Sell (2x) 35500 Put option of 24 November expiry @ $30 each</li>
</ul>
Stop Loss: Spot level = $38400
Target: Spot level of $35500
Payoff chart at Expiry:
<ul>
<li>Max Profit: $945/BTC</li>
</ul>
<img loading="lazy" decoding="async" class="aligncenter wp-image-33740 size-large" src="https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-1024x462.jpeg" alt="" width="525" height="237" srcset="https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-1024x462.jpeg 1024w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-300x135.jpeg 300w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-768x346.jpeg 768w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-24x11.jpeg 24w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-36x16.jpeg 36w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM-48x22.jpeg 48w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-9.47.29-AM.jpeg 1122w" sizes="(max-width: 525px) 100vw, 525px" />
Rationale:
Following an impressive surge in BTC, we observed a retracement from the 38000 levels, leading to a dip in BTC’s value to 34900. This selling pressure successfully breached key demand/support zones, particularly around 35600, and price is back at resistance level again.
Above setup is a bear put spread / put debit spread which allows you to profit from a potential downward movement while limiting your risk.
<img loading="lazy" decoding="async" class="aligncenter wp-image-33744 size-large" src="https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-1024x447.jpeg" alt="" width="525" height="229" srcset="https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-1024x447.jpeg 1024w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-300x131.jpeg 300w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-768x335.jpeg 768w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-24x10.jpeg 24w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-36x16.jpeg 36w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM-48x21.jpeg 48w, https://static.delta.exchange/wp-content/uploads/2023/11/WhatsApp-Image-2023-11-23-at-10.03.54-AM.jpeg 1330w" sizes="(max-width: 525px) 100vw, 525px" />
Disclaimer: This report must not be used as a singular basis of any trading decision. Please refer to <a href="https://www.delta.exchange/research-disclaimer">https://www.delta.exchange/research-disclaimer</a> for analyst disclaimer and other disclosures.

Sideways View on BTCUSDT

Welcome to Daily Trade Setups.

Trade:

 	Buy 36500 Put option of 24 November expiry @ $115
 	Sell (2x) 35500 Put option of 24 November expiry @ $3

Trade Setup 23 Nov 2023