Bitcoin Bear Plunge: Profiting with the BTC Put Plunge Strategy
Bearish View on BTCUSDT
Trade:
Buy 34200 Put option of 16 November expiry @ $50
Sell 33600 Put option of 16 November expiry @ $30
Sell (2x) 33200 Put option of 16 November expiry @ $15 each
Stop Loss: Spot level = $36800
Target: Spot level of $33600
Max Profit: $405/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.
Also, we have observed a fresh supply zone been formed around 36120 levels, which will act as a resistance for price,
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 34200 Put option of 16 November expiry @ $50
Sell 33600 Put option of 16 November expiry @ $30
Sell (2x) 33200 Put option of 16 November expiry @ $15 each
Stop Loss: Spot level = $36800
Target: Spot level of $33600
Max Profit: $405/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.
Also, we have observed a fresh supply zone been formed around 36120 levels, which will act as a resistance for price,
Above setup is a bear put spread / put debit spread which allows you to profit from a potential downward movement while limiting your risk.