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.
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