London and New York Colour
QCP Capital2024/06/27 04:01
By:Sue Ann Sim
- BTC traded to 58.5k which is where we see the 200D EMA and also the bottom of the range. We have since bounced to 61.5k.
- We think there will continue to be selling pressure in the market as markets try to digest what 140,000 BTC means for markets and prices that in. Existing Mt Gox creditors are probably unhedged given how expensive it is to hold perp positions and option positions for long periods of time.
Trade Idea
Spot has tested the 200D EMA and the bottom of the range. We expect some short term relief, and dips should be bought given the potential of a ETH ETF in July. We still favor deploying accumulators.
BTC Accumulator
Buy BTC spot at 12% discount (54,000) every week
Maturity: 8NOV24 (20 Weeks)
Strike: 54,000 (-11.91%)
Upper Barrier: 68,500 (+11.75%)
Observation Frequency: Weekly
Spot Ref: 61,300 BTCUSD
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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