Delta-Ex-research

Double Play: Bull Call Spread on BTC

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Bullish View on BTCUSDT

Trade:

Buy 36000 Call option of 5 November expiry @ $170
Sell (2x) 36600 Call option of 5 November expiry @ $95 each

Stop Loss: C-BTC- 36000 Premium = $10

Target: Spot level of $36600


Max Profit: $360/BTC

Rationale:

BTC has exhibited a pattern of achieving higher highs and higher lows in its daily price movements. Notably, it broke through key pivot levels at 31600 during the recent trading session, signifying a promising upward trajectory.

Examining the 4-hour chart, it’s evident that the price is consistently adhering to established support / demand zones. This steadfast adherence underscores the robust buyer sentiment in the market.

Moreover, we’ve observed a significant surge in open interest (OI) for out-of-the-money (OTM) put options expiring on November 5. This uptick in OI for such options further bolsters our confidence in the current market conditions.
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