BTC : Sandwiched in Demand & Support
Sideways View on BTCUSDT
Trade:
Sell Put- BTC - 38800 - 20 December expiry at 85$
Sell Call -BTC - 43200 - 20 December expiry at 85$
Stop Loss: Combined Premium of $340 of both legs
Target: Premium of $0 in both legs
Max Profit: 1170/BTC
Max Loss : 1170/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 448900 levels, resulting in a decline in BTC's value to 40250. We have a support areas / demand zone at 40225 levels on 4 HR time frame.
Consequently, the price is now caught between newly established support and resistance areas in the recent price movements, rendering BTC sideways in the short term.
Trade:
Sell Put- BTC - 38800 - 20 December expiry at 85$
Sell Call -BTC - 43200 - 20 December expiry at 85$
Stop Loss: Combined Premium of $340 of both legs
Target: Premium of $0 in both legs
Max Profit: 1170/BTC
Max Loss : 1170/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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.