Hi again. Today we're even closer to the month end, which is going to happen in two days, on Tuesday. It's an important date and it's the end of Q2 as well, it's the end of the first half of the year, so I'd expect manipulation next week, but let's not jump ahead, take it step by step and see where we are with $HIVE, $BTC and ETH/BTC.
On the monthly time frame, price is way below the monthly open price and at the time of writing, we have a bearish engulfing candle, that engulfs not only last month's candle, but the previous one as well. I drew the potential order block (OB), that will be a bearish one and confirmed if the current candle closes below it. If that happens, I see sweeping all time low as highly possible. We'll see the close next week as it's an important milestone from every point of view.
The weekly chart looks a bit different, but can't say better. The current candle close happens in about 16 hours and if nothing happens, we could get a bullish candle, with a very slim body, but the distance between what price is now and turning bearish is very little, so I'd not bet my life on what the candle is right now.
Anyway, the situation is simple. If there's more weakness in the market, sweeping $0.0453 can happen, after which comes all time low. If we get some bullish momentum by chance, I'd be looking at $0.0988.
On the daily time frame, price made a local low on the 9th of this month, which is at $0.0453. Starting from the 11th of this month, price went into a sideways action, as the bearish gap has been capping the market. Price had several attempt to invert and close above it, all failed. This week, on Wednesday, price came close to sweeping the local bottom, but bounced without the sweep happening.
We need to wait for the market to show its hand, move out of this channel, one direction or the other. The downside target we know already and the upside target it would be $0.621, if price manages to invert the bearish gap.
On the h4 time frame, price drew a range that is between $0.0453 and $0.621 and you can see at the time of writing, price is below mid-range. The major level on the downside is the same, it's range low and on the upside, if we get some momentum, I'm looking at $0.0523.
$BTC made a local low this week, on the 25th, at $58,042, had a nice bounce, but lost momentum for now. We need to see if we get a bullish continuation next week, or we go back to sweep $58,042.
ETH/BTC is ranging as well. It looks like the bearish gap is holding the pair hostage for now. We are seeing a downwards momentum for now and chances for the pair to sweep 0.025838 are high.
Next week we have two red folder days, on the 1st and 2nd of July, earnings and unemployment rate, all of them important, so be careful out there.
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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