Hello again, if there's someone reading this post. It's been almost two weeks since the beginning of the month, so let's see what $HIVE, $BTC & ETH/BTC has been doing.
On the monthly time frame, price had a move to the upside (today), rebalanced the bearish gap and at the time of writing, it is selling inside the gap. This is all I can say at the moment, as there's still more than two weeks till the candle close. The game play is still the same as I wrote last week.
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, last week price managed to touch the 200 SMA but could not close above it as it sold off. However, it managed to invert, close above the gap, which this way became support. This week price came back to retest the gap once again and bounced off of it. At the time of writing, there are still 10 and a half hours till the candle close, so we can't take anything for granted but price had a move above the 200 SMA and it is trading right at that level. I'd be cautious here as the move happened earlier today and as we all know, these spikes to the upside are not uncommon on Hive and in most cases end in a retrace and the move to the upside is not sustainable, but we'll see that on lower time frames shortly.
Would be good to see price close above the 200 SMA and hold that level as it would mean strength, but again, we trade the chart, not our hopes. Levels to watch are swing low at $0.0373 and $0.0988 on the upside.
On the daily time frame, you can see, price today had a 37% move to the upside, swept liquidity on the upside till $0.0663 and sold off immediately.
If you zoom out and look at the chart you can see most, if not all these spikes end in a retrace, so don't get drunk just yet on this.
As I said above, would be good to close above the 200 SMA today and hold that level.
On a more granular scale, the h4 chart shows price managed to close the previous h4 candle above the 200 SMA. Also clearly shows the upside move that we had in the last 4h was just a spike to the upside and at the time of writing, price is retesting the bullish OB.
In case of weakness, a retest of the bullish gap, marked with green can happen.
$BTC is still between support and resistance, have been accumulating since the last week of August. The bearish gap is holding price nicely for now.
ETH/BTC had an attempt to sweep liquidity from 0.03344 this week, but failed. At the time of writing, it is retesting the bullish gap. This level has to hold.
Next week we only have one red folder day, but economic data is not the only factor influencing the market, so stay safe.
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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