IBIT - Key Trading Analysis & Gamma - Hot list on RadarTechnical Overview
* Current Price: $59.20
* Key Resistance Levels:
* $60.50: Intermediate resistance. A breakout could signal bullish continuation.
* $61.00 - $63.00: Gamma resistance, indicating strong call option interest.
* Key Support Levels:
* $57.00: Immediate support; maintaining this level is critical for upward momentum.
* $55.00: Critical breakdown level; a loss here may lead to increased bearish momentum.
Price Action Insights
* Recent upward movement indicates a breakout of consolidation from $55.00 support.
* Price is currently trading near $59.00 with bullish bias but needs to sustain above $60.50 for further momentum.
* Higher lows and a wedge breakout signal potential for a run toward $63.00 in the coming sessions.
Gamma Exposure (GEX) Analysis
* Call Walls:
* $60.50: 2nd call wall with 72.55% exposure.
* $63.00: Gamma resistance and potential top for the short term.
* Put Walls:
* $54.50 - $51.00: Strong gamma support area; prices are unlikely to break this range without high volume.
Trading Plan
1. Bullish Scenario:
* Entry: Above $60.50
* Target: $63.00
* Stop-Loss: Below $57.00
2. Bearish Scenario:
* Entry: Below $57.00
* Target: $54.50
* Stop-Loss: Above $60.00
Options Trading Suggestions
* Bullish Strategy:
* Strike Price: $60 Calls (March Expiry)
* Premium Target: $63.00 Gamma Resistance
* Consideration: Monitor volume; ensure price closes above $60.
* Bearish Strategy:
* Strike Price: $55 Puts (March Expiry)
* Premium Target: $54.00 Put Support
* Consideration: Enter only on volume breakdown below $57.
Thoughts on Direction
* Bullish Sentiment dominates, especially above $60, supported by strong call walls.
* A pullback to $57 or lower might create opportunities for bears in the short term.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Market conditions can change rapidly, particularly during the premarket or intraday sessions. Adjust your trading strategy accordingly. For questions or updates, feel free to reach out directly.