Coin Edition -
- Bitcoin surged +55%, breaking out of a smaller, broadening wedge.
- Trader Mags suggests a mid-term target at the upper trendline resistance of a larger broadening wedge.
- Greeks.live notes a critical option expiry with 36,000 BTC options, indicating a Put Call Ratio of 0.9.
In a recent tweet, crypto trader Mags shared the recent surge in Bitcoin’s price. The trader shared the breakout of BTC from a smaller broadening wedge, sharing that the coin has experienced a remarkable +55% surge. Mags suggests a mid-term target is the upper trendline resistance of a larger broadening wedge.
Options traders’ toolkit platform Greeks.live has recently provided critical insights into the imminent option expiry. Greeks.live tweeted that with 36,000 BTC options set to expire, the Put Call Ratio stands at 0.9.
The Max Pain point is noted at $45,000, with a notional value totaling $1.68 billion. Additionally, 262,000 ETH options are due to expire, revealing a Put Call Ratio of 0.64 and a Max Pain point of $2,400, carrying a notional value of $680 million.
The tweet suggests that the Bitcoin Spot ETF has successfully passed this week’s developments. However, the market has been plagued by repeated fake news and breaking developments, contributing to frequent and sharp volatility. Greeks.live Traders advised traders to consider “LONG GAMMA” strategies, which are anticipated to be cost-effective this week.
A previous tweet by Greeks.live highlights how fake news from the SEC caused significant volatility in BTC markets. Despite expectations, the drama unfolded in a more bizarre manner than anticipated. The data analysis indicates that while sharp volatility increased the realized volatility (RV), implied volatility (IV) experienced a slight decrease.
The SEC’s fake Bitcoin ETF (TSX:EBIT) approval tweet generated uncertainty in the market, impacting Bitcoin’s short-term dynamics. Greeks.live shared that investors have reacted by reducing leverage and positions and engaging in early sell-offs in response to the SEC’s news fluctuations.
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