Trade Setup 5 Feb 2024

Sideways View on BTCUSDT

Welcome to Daily Trade Setups.

Trade:

• Sell  41000 PUT option of 7 February expiry @ $60

Stop Loss: Premium = $120

Target: Premium = $0

Payoff chart at Expiry:

• Max Profit: $60/BTC

Rationale:

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

Adding to our odds, high OI is also observed for 41k puts of 7 Feb expiry.

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.