Sideways View on BTCUSDT
Trade:
Sell Put- BTC - 41000 - 2 January expiry at 55$
Sell Call -BTC - 44000 - 2 January expiry at 55$
Stop Loss: Combined Premium of $220 of both legs
Target: Premium of $0 in both legs
Max Profit: $120/BTC
Max Loss : $120/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 44800 levels, resulting in a decline in BTC's value to 40250. We have a support areas / demand zone at 41000 levels on 4 HR time frame.
Consequently, the price is now caught between newly established support and resistance areas in the recent price movements, rendering BTC sideways in the short term.
Trade:
Sell Put- BTC - 41000 - 2 January expiry at 55$
Sell Call -BTC - 44000 - 2 January expiry at 55$
Stop Loss: Combined Premium of $220 of both legs
Target: Premium of $0 in both legs
Max Profit: $120/BTC
Max Loss : $120/BTC
Rationale:
After a remarkable uptrend in BTC, we witnessed a pullback from the 44800 levels, resulting in a decline in BTC's value to 40250. We have a support areas / demand zone at 41000 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.