Trade Setup 22 Jan 2024

Sideways View on BTCUSDT

Welcome to Daily Trade Setups.

Trade:

• Sell 43000 Call option of 24 January expiry @ $90
• Sell 39000 Put option of 24 January expiry @ $90

Stop Loss: Premium  = $180 in each leg

Target: Premium = $0 in both legs

Payoff chart at Expiry:

• Max Profit: $180/BTC

 

Rationale:

After a remarkable uptrend in BTC, we witnessed a pullback from the 45000 levels, resulting in a decline in BTC’s value to 41000. We have a support areas / demand zone at 40000 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.