In BTC, we’ve seen about a 5% movement, while ETH showed around 10% movement, with the price making limited upward and downward movements before heading back towards its opening. I don’t think it makes much sense to establish heavy positions without breaking through the identified support and resistance levels.
Bitcoin
After making its weekly opening, BTC closed slightly below that opening with small movements. The price is still trading below the monthly opening. So far, it appears much weaker compared to ETH in this movement.
This week’s implied volatility is similar to last week, ranging between 82k and 110k. Although the price made a weak upward movement, it fell sharply below the weekly opening. It continues to maintain its wick structure, and volatility is decreasing.
There is also a decline in the volatility index (DVOL), and overall contract purchases are quite low. We may not see much movement on the BTC side this week. While call contracts are prevalent, the Put/Call Ratio at 0.75 does not indicate a bullish outlook.
Ethereum
ETH has shown more movement compared to BTC, although it closed slightly above its weekly opening, still 19% below the monthly opening. Similarly, ETH is hovering just above the trend support, making it unwise to buy or sell without a clear breakout of support or resistance. We saw this in today’s movement as well.
Today, ETH rose strongly to around 2850, but a sell-off occurred alongside BTC. It would be prudent not to make purchases in altcoins without seeing a clear close above the 2850-2900 region. Holding a swing short without seeing movement below the trend increases the likelihood of getting stopped out, as seen in today’s action. This week’s implied volatility range is between 2150 and 3170.
This week, we may see much higher volatility in $ETH compared to $BTC . We are witnessing significant contract purchases this week and at the end of the month, which we haven’t seen in previous weeks. Two days ago, total contract purchases were around 15k, while this week, the call contract volume has reached 100k. The put contract volume is around 45k. The end-of-month put/call ratio has dropped to 0.51, appearing quite bullish. We can say that increased volatility is approaching for ETH.
ETHBTC
There aren’t many variables here, but if we are to see upward reactions, we need to observe some indicators for a bottom formation. If we see movement above the 0.03 price, I believe it could progress much faster. Otherwise, my thought that it will go lower to the 0.022 region still stands.
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