Today I'm actually glad to this report as I have no idea what $HIVE has been doing all week. I've been focuses on trading all week and as $HIVE is not a tradable asset with my strategy, it was neglected, I literally have no clue about how things stand, so let's see what's happened since my last post.
It's the 15th of the month today, so basically the middle of the month, we still have 2 weeks till the candle close. At the time of writing, price is trading below the monthly open. Previous analysis on the monthly time frame is valid.
The weekly chart looks a bit better if you want to be bullish, but nothing to write home about yet.
Price swept the local low last week and at the time of writing, $HIVE is trading above the weekly open. If this bullish momentum continues, I'm looking at $0.0798 to be swept. If this bullish momentum is lost, all time low could be next to be swept at $0.0327, as that's the next low.
On the daily time frame, Price has been chopping around, consolidating in this range, between $0.0611 and $0.0708. Last Sunday price swept the $0.0611 low, establishing a new swing low at $0.0602 and had a bullish action since then. So far we have a bullish candle for today, but there are still 13 hours to go till the candle close, so we can't take anything for granted. Levels to watch are the ones mentioned above.
On a more granular scale, the h4 time frame chart shows price is undecided, we don't have a clear indication on where price wants to go yet, as it's still chopping around. Immediate levels to watch are $0.0618 on the downside and $0.0663 on the upside, if we get a healthy bullish momentum.
BTC is heading towards resistance, which is the swing high at $74,021.8. If price manages to turn that level into support, the next resistance on the upside is the bearish gap marked with yellow on my chart. If price gets rejected there, then we'll be back to this channel and I'd be keeping an eye on the swing low at $65,580.
In case of ETC/BTC, nothing has changed, price is still chopping around in this channel. Previous analysis is still valid and the low and high of the channel is marked on the chart.
Next week's economic calendar is pretty slim, we only have 2 red folder days, but that doesn't mean there will be no volatility.
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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