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Delta Exchange Blog
Trade Setup 8 Jan 2024
Research

Trade Setup 8 Jan 2024

Delta Exchange
Delta Exchange
January 8, 2024

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

  • Sell 45000 Call option of 9 January expiry @ $230
  • Sell 42000 Put option of 9 January expiry @ $270

Stop Loss: Premium in 45000 Call = $460 Premium in 42000 Put = $540 Target: Premium = $0 in both legs Payoff chart at Expiry:

  • Max Profit: $500/BTC

Rationale: After a remarkable uptrend in BTC, we witnessed a pullback from the 45900 levels, resulting in a decline in BTC’s value to 42700. We have a support areas / demand zone at 42000 levels on 4 HR time frame. Consequently, the price is now caught between newly established support and resistance areas in the recent price movements, rendering BTC sideways in the short term.

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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