Ok people, it's Sunday again, let's see where we stand as I honestly have no clue. I've been focusing on certain assets during the week, plus $BTC of course as that's a must, if you're trading, but $HIVE was not in my focus, so it's time to see what to look for next week.
On the monthly time frame $HIVE is trading way below the monthly open and at the time of writing, the current candle is engulfing both previous bullish candles. We're at the middle of the month, so there are two weeks still to go till the candle close. Previous analysis on this time frame is still valid. Keep an eye on ATL.
The weekly time frame chart is clear as well. Last week the candle closed as a bearish engulfing candle, with s long body. This weeks candle is closing in about 16 hours and even though we had a move to the upside this week, selling pressure was too high to keep price at the level of the current wick. At the time of writing, price is trading slightly below the weekly open.
Levels to watch are the same as last week, all time low (ATL) at $0.0327 is this weakness continues and if we get a huuuuuuuuge bullish candle, by a miracle, the $0.0988 it is on the upside.
On the daily time frame, we had a move to the upside on Wednesday, which resulted in the candle rebalancing the bearish gap, but ended with a big upside wick and closed below the gap. On Thursday price had another attempt to invert the gap and even though the close was above the daily open, still closed below the gap. Friday was a different matter, but in a similar way (if there's such thing at all). Price went through the gap again, but closed below the gap and printed a bearish candle this time, which was clear rejection.
Weekends are always slow, there's rarely any momentum, but today we see price trending to the downside. At this point chances for price to sweep swing low at $0.0453 are higher than a move to he upside. Game play is still the same. Sweep $0.0453 and bounce. If we don't get a bounce, then ATL could be next. In case we get some bullish momentum, then swing high would be my upside target at $0.062.
On the h4 time frame, $HIVE is retesting the bullish gap that has been holding price since Thursday. If this gap is lost, meaning can't hold price and we see price closing below it, I'd keep an eye on $0.0467 and ultimately $0.0453. If the gap holds and we get some bullish momentum, then the highs are marked on the chart, as $0.0546, $0.0561 and the swing high of course, at $0.062.
$BTC formed a local bottom on the 5th of this month and has just touched the first bearish gap of the sell side. This gap means resistance, so if we reject here, price can go back to $59,081 which is the current swing low.
This is still in the cards.
ETH/BTC is not looking good if you're bullish as at the time of writing, it seems price is heading back to sweep 0.025249. If we don't get a bounce after the sweep, then 0.021397 could be next as the way down there is just sweet untapped liquidity.
Next week we only have one red folder day, but I would not say this means calm and no volatility, so be careful.
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.
All charts posted here are screenshots from Tradinview.
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