The Swissblock analytics regarding bitcoin weekly close is still bearish with no signs of recovery. It is also likely that bitcoin will suffer another dip before price closes. Talking about altcoins it is clear that many altcoins are on a bearish parabola. Parabolas, when broken cause large corrections ( in this case upwards).The parabolas are not over yet though, but almost.
Swissblock analytics -Historical trend break
As per last week closing of bitcoin,200 weekly moving average was broken and bitcoin price is still roaming below the important level of $22500.It is also speculative that failing to reclaim that position will again cause bitcoin to dip at $16000 levels, the next support.
The next support of bitcoin can be around $16000 as per swissblock analysis and past moving averages overview. Charts will remain bearish and we are going to see new lows these days. Those lows will give good buy opportunity.
Options are going to expire
Tomorrow happens to be Friday. its the Last Friday of the month as well as last Friday of Q2 . So there is a lot of options expiry interest. As there is a lot of option strike at $20000, so there is a good chance that traders will keep the price in this range until tomorrow night.
Analyzing the Alts in this way, If broken the Previous HL, Look for shorts into FVG | Demand, and if held previous HL like $FTM look for move into H4 Supply | FVG, unless breaks the HTF LH. Switch Bias Bearish at H4 Supply | FVG. Switch Bias Bullish if Breaks H4 or 1D Lower High.
As per swissblock analytics Total Average Bitcoin Trading Volume across all exchanges (counting only weekdays) has plummeted drastically in 2022, reaching lows not seen since late 2020, just before we started the bull-run that took us to $69,000. This pattern in trading volume could be shedding some light on what to expect for the rest of the year, and it’s exactly what we’re looking for.
What does this mean exactly?
This means that such a drop in average trading volume has historically meant that we’re getting close to a market reversal (being it a bullish or bearish reversal). Considering that we’ve been in a bear market for months, reaching new multi-year lows, we can expect our next move to be the upside.
Insights taken from swissblock analytics Bitcoin retraced back to the range + support area and took a reaction over it. Price trying hard to break this level. Now support is around $19,700. Breaking below this can print a new lower low. According to the chart taken from trading view.
For further understanding of the current situation Swissblock analytics have given the insights in analysis section. Stay tuned.