Today it's Monday and I am one day late with my analysis. This weekend we had two family events and I has a webinar as well last night, so I had neither time, nor head for technical analysis, but here I am now. Look at the bright side, weekly, daily candles are closed, so we can take those for granted, but let's get to it, let's see where we are with $HIVE, $BTC & ETH/BTC and how we can trade them.
On the monthly time frame, we still have 9 days till the candle close, bit so far price has rebalanced the bearish gap this month and at the time of writing, price is inside the gap and slightly above the 200 simple moving average (SMA).
The good news is that price made a nice move to the upside this month. If we manage to close above the gap and above the 200 SMA as well, that would indicate strength and would confirm $0.0373 as local bottom, or swing low. We'll see when the candle closes.
On the weekly time frame, price is bullish, but the chart doesn't look nice. we have three bullish candle in a row ans each one has a long upside wick, which means selling pressure. It's still good as the bullish momentum on this time frame is intact.
Last week price managed to close slightly above the 200 SMA and at the time of writing, it is still above it. In case the bullish momentum continues I'm looking at $0.0663 as the next target to sweep. If we get some weakness and price reverses, then swing low is the level I'd be keeping an eye on at $0.0373.
On the daily time frame, price has been accumulating above the 200 SMA for the past few days. At the time of writing, price is trading above the daily order block (OB) and would be nice to see it close above it tonight. If the bullish momentum continues, the two levels I'm watching are $0.0663 on the upside and $0.0496 on the downside.
On a more granular scale, the h4 time frame chart shows the sideways price action since the 10th of September. Today price managed to get back above the 200 SMA again. Levels to watch on this time frame are $0.0556 and $0.0519.
After almost a month of chopping around in a range, today $BTC finally swept $82,811 and it is trading above resistance as we speak. Turn the grey box into support and we can look at the next high at $97,963.
ETH/BTC is still accumulating under resistance. Today as $BTC took off, the pair is showing rejection. Game play is still the same.
I don't think I've ever seen an empty economic calendar for the week, but here we are. Anyway, economic data is not the only factor influencing the market, the market is moving anyway, 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.
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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