Research
Trade Setup 6 Feb 2024
Delta Exchange
February 6, 2024
Bullish View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Buy 43800 Call option of 7 February expiry @ $80
- Sell (2x) 44400 Call option of 7 February expiry @ $30 each
Stop Loss: Spot level = $41700 Target: Spot level of $44400 Payoff chart at Expiry:
- Max Profit: $580/BTC
Rationale: The most recent movement in BTC suggests a potential temporary halt in the upward momentum, with noticeable retracements in play. Moreover, a recently established supply zone/resistance has been pinpointed on the charts. For risk management, we recommend setting a stop loss at 41700 to invalidate the aforementioned setup.
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.