Bitcoin : Profiting with the BTC Put Plunge Strategy
Sideways View on BTCUSDT
Trade:
Buy 36500 Put option of 24 November expiry @ $115
Sell (2x) 35500 Put option of 24 November expiry @ $30 each
Stop Loss: Spot level = $38400
Target: Spot level of $35500
Max Profit: $945/BTC
Rationale:
Following an impressive surge in BTC, we observed a retracement from the 38000 levels, leading to a dip in BTC's value to 34900. This selling pressure successfully breached key demand/support zones, particularly around 35600, and price is back at resistance level again.
Above setup is a bear put spread / put debit spread which allows you to profit from a potential downward movement while limiting your risk.
Trade:
Buy 36500 Put option of 24 November expiry @ $115
Sell (2x) 35500 Put option of 24 November expiry @ $30 each
Stop Loss: Spot level = $38400
Target: Spot level of $35500
Max Profit: $945/BTC
Rationale:
Following an impressive surge in BTC, we observed a retracement from the 38000 levels, leading to a dip in BTC's value to 34900. This selling pressure successfully breached key demand/support zones, particularly around 35600, and price is back at resistance level again.
Above setup is a bear put spread / put debit spread which allows you to profit from a potential downward movement while limiting your risk.