Today I sat down to my desk, restarted my laptop, opened Tradingview, had a look at the $HIVE chart and asked myself if I want to do the analysis 馃槵 I haven't checked the chart since last week but I have seen my stake's USD value shrinking quite a bit, which can only indicate one thing. Anyway, it's part of the game when you're holding crypto.
On the monthly time frame, price is way below the monthly open and below the 200 SMA as well, which is not unexpected, if we look at the crypto market as a whole. We'll see when the monthly candle closes.
On the weekly time frame, after spending three weeks above the 200 SMA, it looks like this week price is going to close below it. There's a possibility for price to retest the weekly order block (OB) at $0.044. The interesting thing on this time frame is that the candle has no wicks on either side. It looks like price sold off starting from the open. Anyway, levels to watch are the OB and $0.0663 on the upside, if we get a reversal and enough momentum to reach it, by some miracle.
On the daily time frame, price lost the 200 SMA on Monday, closed below mid-range on Thursday and is retesting the bullish gap and 0.618 as we speak. This is a crucial level to hold, so a bounce here, or from inside the gap, after the gap has been rebalanced would be the ideal scenario.
Regaining mid-range, after which the 200 SMA as support is crucial, if we want bullish continuation on this time frame.
On the h4 time frame, price is retesting the order block and the 0.618 level. It is possible for price to spend some time in this area but it's a crucial level to hold.
If there's more weakness in the market, we could see $0.0434 retested, or we can get a bounce here and as I said at the previous time frame, reclaim mid-range and turn 200 SMA into support.
Interesting price action on $BTC. Price has already retested the 0.618 level and bounced back to mid-range, which is inside the support/resistance area. Decision time next week, price needs to make a move but I see weakness, so sweeping $79,750 looks likely from where I stand.
Levels to watch are $79,750 on the downside and if it doesn't hold, then the swing low could be next at $74,919, which is another support/resistance area. On the upside, if we get a bounce at some point, I'd keep an eye on $84,332.5, then swing high at $87,383.
Looks like after a long time, is going to close below the 200 SMA. It is approaching the swing low and if we don't get a bounce after sweeping $0.029815, it may reach the support/resistance area, which is crucial level to hold.
This is the economic calendar for next week. Do you need help to read it? let me know :)
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.
If you're a newbie, you may want to check out these guides:
- Communities Explained - Newbie Guide
- Cross Posting And Reposting Explained, Using PeakD
- Hive Is Not For Me
- How To Pump Your Reputation Fast - Newbie Guide
- Tips And Tricks & Useful Hive Tools For Newbies
- More Useful Tools On Hive - Newbie Guide
- Community List And Why It Is Important To Post In The Right Community
- Witnesses And Proposals Explained - Newbie Guide
- To Stake, Or Not To Stake - Newbie Guide
- Tags And Tagging - Newbie Guide
- Newbie Expectations And Reality
- About Dust Vote And Hive Reward Pool, by libertycrypto27