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Delta Exchange Blog
Trade Setup 24 Nov 2023
Research

Trade Setup 24 Nov 2023

Delta Exchange
Delta Exchange
November 24, 2023

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

  • Buy 36200 Put option of 26 November expiry @ $90
  • Sell (2x) 35800 Put option of 26 November expiry @ $45 each

Stop Loss: Spot level = $38400 Target: Spot level of $35800 Payoff chart at Expiry:

  • Max Profit: $400/BTC

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.

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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