BTC Tango: Sandwiched in Demand & Support
Sideways View on BTCUSDT
Trade:
Sell Put BTC - 38000 - 15 December expiry at 100$
Sell Call BTC - 43000 - 15 December expiry at 100$
Stop Loss: Combined Premium of $400 of both legs
Target: Premium of $0 in both legs
Payoff:
Max Profit: $200/BTC
Max Loss : $200/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 448900 levels, resulting in a decline in BTC's value to 40250. We have a support areas / demand zone at 40225 levels on 4 HR time frame.
Consequently, the price is now caught between newly established support and resistance areas in the recent price movements, rendering BTC sideways in the short term.
Trade:
Sell Put BTC - 38000 - 15 December expiry at 100$
Sell Call BTC - 43000 - 15 December expiry at 100$
Stop Loss: Combined Premium of $400 of both legs
Target: Premium of $0 in both legs
Payoff:
Max Profit: $200/BTC
Max Loss : $200/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 448900 levels, resulting in a decline in BTC's value to 40250. We have a support areas / demand zone at 40225 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.