Trade Setup 29 Jan 2024

Bullish View on BTCUSDT

Welcome to Daily Trade Setups.

Trade:

• Sell 40000 Put option of 2 February expiry @ $130
• Buy 39500 Put option of 2 February expiry @ $80

Stop Loss: Spot level = $40000

Target: Premium = $0 in both legs

Payoff chart at Expiry:

• Max Profit: $50/BTC

 

Rationale:

The most recent movement in BTC suggests a potential temporary halt in the downward momentum, with noticeable retracements in play. Moreover, a recently established support zone/demand zone has been pinpointed on the charts.

For risk management, we recommend setting a stop loss at 40000 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.