BY LICIA LESLIE
January 14, 2024
Hi Shoppers,
After this massive reversal, where does Bitcoin (Ticker: BTCUSD) go from here?
I am writing this Saturday morning and you will receive it sometime on Sunday.
We are closed Monday so by Tuesday, as BTCUSD trades nonstop, we will have much more information on the chart.
As of now, here is the the BTCUSD chart:
It closed below my support level, but it is hanging right around there.
As you can see, BTCUSD has been bouncing off this area since December 11, 2023.
If BTCUSD cannot hold this support, I like puts in BITO:
Of course with the stock being so volatile, the implied volatility or pricing of the options is elevated.
I think the Jan26 expiration is the best deal and I like the 21 puts.
Be sure to watch that BTCUSD is trading lower.
I think BITO can trade close to $19.00 which will take these puts to two bucks.
If BTCUSD is trading higher, the Jan26 21.50 calls may be in order.
To get my trades in real time, you need to become an Option Shopper.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain
The harami candle tells us not so fast with that rally.
We may not be going higher.
It negates the direction of the previous day’s large body candle, in this case higher.
My support and resistance levels are the highs and lows of the most recent consolidation of SPY, $467.50 and $477.40.
Today will be interesting.
Thanks for Reading … See You Next Tuesday,