It's Sunday again and time to do my weekly analysis, to see where we stand with our $HIVE, $BTC and ETH/BTC. To be honest, I haven't paid attention to $HIVE this week, only traded $BTC, so I have no idea where we stand.
On the monthly time frame, $HIVE is trading slightly below the monthly open, which is at $0.0481.After the big bearish engulfing candle we had last month, what price is doing now can be considered consolidation. There are 5 days left, till the month end, so we have to wait the candle close. Levels to watch are still the same on this time frame, as in my previous analysis.
On the weekly time frame, price is still accumulating in this narrow range, but today it is closer to the equal low at $0.0453. The game play is the same, sweep $0.0453 and bounce, or we go to ATL.
On the daily time frame, the Inside bar pattern is working out perfectly. This week price has retested the mother bar low, bounced off and it is trying to turn the inside bar low into support. Interestingly the equal low at $0.0453 has not been swept. That is still in the cards and may happen next week.
On the h4 time frame, we have a interesting situation. Price tapped the Mother Bar Low yesterday, and bounced off, creating a perfect equal low at that level. We had two bullish candle after that, price went above the inside bar low, tapped into the bearish gap and rejected. We have a bullish gap on the leg up, which has not been retested yet, but it looks like it's coming as the current candle most likely is boing to be a bearish engulfing and it shows weakness. If we don't get a bounce at the bullish gap, marked with green and the cap can't hold price, then chances to go back to $0.0458 will be high.
$BTC had a nice move to the upside this week, but rejected before sweeping $67,276, which is a key level. At the time of writing, we have relative equal lows at $63,678, which is Monday low as well. Today it's Sunday, so not much is moving, but next week chances for $BTC to sweep $63,678 will be higher. I'd rather see that happen and then bounce, but we'll see. If we bounce there and there's enough momentum, the equal high could be next. If Monday low is lost, then retesting mid-range could be next.
ETH/BTC went into a small consolidation since the 18th of July, retested mid-range, bounced off and holding above it. It is still possible for the pair to sweep 0.02868, as we have equal low there. That level has to hold, if we want continuation to the upside.
Next week we have two red folder days, with important announcements, so expect 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.
Do your own research, make your own decisions as you're taking the risk.
All charts posted here are screenshots from Tradinview.
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