BTC Sandwiched in support and resitance - sell options
Sideways View on BTCUSDT
Trade:
Sell 43000 Call option of 24 January expiry @ $90
Sell 39000 Put option of 24 January expiry @ $90
Stop Loss: Premium = $180 in each leg
Target: Premium = $0 in both legs
Max Profit: $180/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 45000 levels, resulting in a decline in BTC’s value to 41000. We have a support areas / demand zone at 40000 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 43000 Call option of 24 January expiry @ $90
Sell 39000 Put option of 24 January expiry @ $90
Stop Loss: Premium = $180 in each leg
Target: Premium = $0 in both legs
Max Profit: $180/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 45000 levels, resulting in a decline in BTC’s value to 41000. We have a support areas / demand zone at 40000 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.