PUT Spread in BTC -55$ Spread

SidewaysView on BTCUSDT

Trade:

Sell Put Spread – BTC – 37200 – 36600 – 1 December expiry at 55$
Stop Loss: Spread Premium of $110

Target: Spread Premium of $0

Max Profit: 555/BTC

Max Loss : 555/BTC

Rationale:

Following an impressive surge in BTC, we observed a retracement from the 38000 levels, leading to a dip in BTC’s value to 34900. This selling pressure successfully breached key demand/support zones, particularly around 35600, and price is back at resistance level again.