Ok people, it's Sunday again, let's do another weekly analysis on $HIVE, $BTC and the ETH/BTC pair, to see what can we do next week, when traditional markets open and we get some volume and volatility.
On the monthly time frame, we only got 10 days passed since the monthly open and price is trading below the open, but still above the 200 SMA, which is a good sign. Levels to watch are the same as last week. We have to wait till the candle close at the end of the month, but I'd keep an eye on $0.0373, in case we get weakness in the market and the swing high at $0.0988, in case of bullish continuation.
On the weekly time frame, price has retested the 200 SMA this week and bounced off. The current candle is bearish, but there are still 16 hours till the candle close, so anything can happen. It's the second bearish candle, but it's a healthy move after the four bullish candle we had previously. Swing high at $0.0663 and the weekly order block (OB) are the levels I'd keep an eye on here.
On the daily time frame,last week we saw price accumulating under the top bearish gap. Tuesday price had another attempt to get above it, but failed to hold that level, sold off and created another gap, that is capping the market currently. I left the top gap on the chart as well, but it has been rebalanced so the levels I'd be watching are swing high at $0.0598 and the swing low at $0.0515, in case the current gap rejects price and we get more weakness. 200 SMA has to hold though. Losing that level would not be a good sign for $HIVE.
On a more granular scale, on the h4 time frame, we have a big bearish gap created on Wednesday, price price is retesting as we speak. That's a resistance level as that's where price has been traded the most in the past two weeks, so it's crucial to get past of and hold above it, if we want bullish continuation. Most likely nothing spectacular is going to happen today, price will (most likely) be chopping around this level, but we'll see next week, where it is going to go.
$BTC has retested support this week and is sitting on top of it as we speak. Price is basically sandwiched between a bullish and a bearish gap. For bullish continuation, we need price to close above the bearish gap, invert it and hold that level, but at this point I'm not excluding a quick visit down to sweep $80,350. We'll see on Monday as usually that's the day to trick traders.
ETH/BTC is still inside the bullish gap, which has been rebalanced almost completely, but still holding price. This week price swept liquidity from $0.30564 level and created two bearish gaps on the way down. At the time of writing, price is below the lower one, so we need to invert these gaps and hold above it, if we want bullish continuation. If not, we can go lower, to sweep the current swing low at $0.029815, but the 200 SMA has to hold.
Next week we have three red folder days, so expect some volatility as the data that will be released is quite important.
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.
Come trade with me on Bybit.
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