Trade Setup 24 Jan 2024

Bearish View on BTCUSDT

Welcome to Daily Trade Setups.

Trade:

• Buy 38000 Put option of 26 January expiry @ $150
• Sell 37500 Put option of 26 January expiry @ $100

Stop Loss: Spot level = $40500

Target: Spot level of $37500

Payoff chart at Expiry:

• Max Profit: $450/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 40500 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.