It's the first seek of September, which means we have last month's candle close, so let's see what we have so far.
In the monthly time frame, we have a bullish candle in August with a very slim body and a long wick on both directions. This month is still at the beginning, so we can't take the current candle for granted, we need to wait till it closes, but so far $HIVE had a move to the upside, rebalanced a part of the bearish gap, rejected and sold off. At the time of writing, $HIVE is still trading above the open. Some see this upside move as a very good sign, but there's nothing to get excited for just yet and I'll show you why on lower time frames.
Anyway, the game play is still the same. Invert the bearish gap and we can have hope for more bullish moves. If we get weakness, ATL is still in the cards.
On the weekly time frame, price had an upside move, touched the 200 SMA and retraced. At the time of writing, $HIVE is trading slightly above the bearish gap, which was rebalanced two weeks ago already.
The current candle is closing in about 14 hours, so we need to wait for the close, but if it closes above the gap and holds next week, that would be a sign of strength. If it closes inside the gap or below, then swing low at $0.0373 would be the level to keep an eye on.
On the daily time frame, price had an interesting evolution. Last week $HIVE successfully retested the bullish gap and bounced off. This week on Wednesday, the bullish OB was set and the next day, on Thursday, we witnessed a big move to the upside, that swept liquidity on the upside, till $0.0544, after which price retraced into the resistance area, marked with grey on my chart. You will see where this move came from on my next time frame.
At the time of writing, price is trying to turn resistance into support, which will happen if the current candle can close and hold above the grey box. If that happens, there is still a chance for the OB to be retested. If the bullish momentum continues, the current swing high at $0.0544 would be my next liquidity target.
On the h4, price is accumulating slightly above the bullish gap, that has been partially rebalanced. Swing low is at $0.0413 and wring high is the mentioned level above, $0.0544.
On a more granular scale, the m15 chart shows you exactly what that spike to the upside means. The area marked with light red is the Asia session. I hope I don't have to spell it out for you.
$BTC has been accumulating under resistance for about 14 days now. The grey areas mark resistance and support, so you can see price is in between resistance and support. Longer accumulation usually is interpreted as strength and it is believed breakout is coming, but this is technical analysis, we believe it when we see it, so as far as I am concerned, what matters is what the chart gives me. We can dump here or go up, no one knows.
ETH/BTC has been going sideways lately, or accumulating, consolidating inside the bullish gap and above the 200 SMA (Simple Moving Average). We need to wait for the pair to print more candle and price to move out of this channel, one direction or another.
Next week we have two red folder days, with very important data release, so I'm expecting volatility on Thursday, maybe one day prior as well.
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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