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Delta Exchange Blog
Trade Setup 31 Oct -3 23
Research

Trade Setup 31 Oct -3 23

Delta Exchange
Delta Exchange
October 31, 2023

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

  • Buy 35600 Call option of 2 November expiry @ $170
  • Sell (2x) 36600 Call option of 2 November expiry @ $75 each

Stop Loss: C-BTC- 35600 Premium = $5 Target: Spot level of $36600 Payoff chart at Expiry:

  • Max Profit: $1000/BTC
  • Max Loss: $15/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 November 2. 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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