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Delta Exchange Blog
Trade Setup 23 Oct 23
Research

Trade Setup 23 Oct 23

Delta Exchange
Delta Exchange
October 23, 2023

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

  • Buy 31200 Call option of 25 October expiry @ $270
  • Sell (2x) 31800 Call option of 25 October expiry @ $160 each
  • Buy 32600 Call option of 25 October expiry @ $70

Stop Loss: BTC Spot = $29000 Target: Spot level of $31800 Payoff chart at Expiry:

  • Max Profit: $780/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 29400 and 30400 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 October 27th. 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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