Going long BTCUSD With Put Options
I wrote up a thesis that I am working with for Bitcoin, 
BTCUSD on Seeking Alpha
and the pressure that we will likely see to the upside.
I am going to continually buy on the dips with options protection. I am long BTCUSD at $6,500.00 with a 2-day $6,500 put at a ratio of 1:2, spot:options. I have another buy order in at $6,250.00 with additional options to kick in (I use Deribit for my options):
The cost on the put option was $103.50. If BTCUSD moves lower to $6,250.00 my spot price losses $250.00 but my options gain $500.00 (minus my cost of the options at $200.00). Likewise, with a move upwards of $250.00, I move past my breakeven level.
I need a move lower or higher of $250.00 in 2 days for BTCUSD. I can see the moves happening either way.
BTCUSD on Seeking Alphaand the pressure that we will likely see to the upside.
I am going to continually buy on the dips with options protection. I am long BTCUSD at $6,500.00 with a 2-day $6,500 put at a ratio of 1:2, spot:options. I have another buy order in at $6,250.00 with additional options to kick in (I use Deribit for my options):
The cost on the put option was $103.50. If BTCUSD moves lower to $6,250.00 my spot price losses $250.00 but my options gain $500.00 (minus my cost of the options at $200.00). Likewise, with a move upwards of $250.00, I move past my breakeven level.
I need a move lower or higher of $250.00 in 2 days for BTCUSD. I can see the moves happening either way.
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