Finally it's Sunday and it looks like I can bring you better news today. A lot has happened lately, so let's have a look at where we are today with the two assets I'm charting every Sunday.
Today it's the 13th of the month, so two days till mid month, but the monthly chart looks better than last month. So far we have a bullish candle and $HIVE is trading above last month's candle's open. It's still too early to draw any conclusion on the monthly as it's not closed, but at least we have some indication about where price is heading at the moment.
Closing above the bullish gap would confirm the bullish OB as well, but first we have to wait till the candle close at the end of the month.
Last week, at the time of my writing, the weekly candle looked like a doji, but after posting my analysis, we have a move to the upside and the candle closed with a small bullish body.
This week we had a nice move to the upside and price swept liquidity from the swing high at $0.25 level. At the time of writing, price has reached a very important level. If today's candle can close above $0.2336, it would confirm the bullish order block (OB) and then the next liquidity pool I'd look for would be the high at $0.2844, the the swing high at $0.3006.
In case of weakness, the next liquidity pool to the downside is the swing low at $0.1757.
Ever since I started posting these weekly analyses, I'm trying to find a visual way to make users understand better these charts. I'm tying to simplify things, or not over complicate them as I know many of you don't know anything about how to read charts.
The dark pink line on the chart marks last Sunday's candle. You can see that last Sunday price retested the bullish gap and bounced. We had six bullish candles printed since then, price swept liquidity from above $0.2355 and yesterday closed above the gap, inverting it, making it an bullish fair value gap inverted (FVGi). Now that gap has been fully rebalanced, inverted too and has the role of defending price.
At the time of writing, price is retesting the gap again and it is around mid-range, if I am counting my dealing range from $0.1757 to $0.3006. This is a very important level and should hold price.
If price manages to hold this level, the next high to be swept is $0.2699, $0.2784, $0.2844 and ultimately $0.3006. In case of rejection here, there's a chance for price to retest the gap below the current one and I'd watch $0.2048, $0.1930 and ultimately $0.1757 to be swept (if we get there).
On a more granular scale, the h4 chart, on the buy side, price looks really balanced. There's a slim bullish gap marked with green and one right below that, just as slim (unmarked), but apart these two, all I see is untapped liquidity. Would be nice to short it down till $0.2048, but this is not the time to short. The momentum is still on, price is at mid-range and if the momentum continues, I'm expecting price to sweep $0.2620, then $0.2699.
In case of weakness, I'd look at $0.2239, where the gap is as well. If that level can't hold price, then $0.2048 and $0.1930 can be next.
$BTC broke ATH this week and established a new one. At the time of writing, it is just below the current ATH. There's not much to say here honestly, for not price is holding nicely, but a retest of the bullish gap marked with green is expected.
Next week we are going to have three red folder days, which is going to bring volatility for sure.
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.
Come trade with me on Bybit.
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