It's Sunday again, so let's do what I always do on Sunday. Today's analysis is important as we had the monthly candle close this week, the Q2 close and 6 months candle close as well. So let's get to it, shall we?
On the monthly time frame, $HIVE closed June with a bearish engulfing candle, engulfing both previous monthly candles, as I mentioned in my previous report it would. Not something you want to see if you're bullish, or want to be bullish, but technical analysis is not about what you want, so we focus on what the chart gives us.
With last month's candle close, the bearish order block was set as well. At the time of writing, $HIVE is trading slightly above the monthly open. Levels to watch on this time frame are $0.0988 on the upside and ATL at $0.0327, but there's a long way till the current candle close.
On the weekly time frame, last week we got a bullish candle, a bullish engulfing candle actually and at the time of writing, $HIVE is trading slightly below the weekly open. There are still around 14 hours to go till the candle close though. There's a huge chance nothing major will happen till the candle close, but in case it will, levels to watch are $0.0453, in case we get more weakness and $0.0988 on the upside, in case someone decides to buy heavily.
On the daily time frame, price is still consolidating, or going sideways, whichever expression you prefer. The bearish gap that was rebalanced on the 10th of last month is still capping the market. Levels to watch here are $0.0453 on the downside, if we get more weakness and $0.062, if we can get some bullish momentum.
On a more granular scale, on the h4 time frame, price is writing something we call boring price action. Has been going sideways, and at the time of writing, it is just about to retest the bullish gap, marked with green on my chart. If the gap holds and we get a bounce, there's a chance for price to sweep $0.0541. If the gap can't defend price, we could see price revisit and sweep $0.047.
$BTC is trying its best to go higher. We got a local low for now at $58,042. I'd like to see price reach and hold $66,334, then print a higher high, but we'll see.
The ETH/BTC pair had a nice move to the upside this week, making nice progress. The gap that last week was still holding the pair hostage was inverted, finally. Price is below mid-range, which is resistance as well as have a high slightly above at 0.02872. If we sweep that high, after I'm expecting a retest of one or both bullish gaps, but we'll see.
The upcoming week brings us two red folder days, one of which has FOMC meeting minutes scheduled. It's not a lot, but keep in mind that the economic calendar is not the only factor to influence the market.
Remember, technical analysis is not about forecasting price, but about reacting to what price does.
As always, this is a game of probabilities, not certainties. Also please note, this is not financial advice, it's my view and understanding of the market.
Do your own research, make your own decisions as you're taking the risk.
All charts posted here are screenshots from Tradinview.
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