Whoever is still here, the last ones standing, let's see what we got today, let's see what these assets have been up to lately :)
We had monthly close this week and as suspected, we got a bearish candle. Today is the 2nd day of the month and so far price is meandering around the monthly open. If weakness continues, I'd be ready for price to sweep ATL. It would be the healthier option to sweep ATL then bounce. If somehow, by a miracle, we get some bullish momentum, I'd be looking for price to retest the bearish gap, marked with yellow on my chart. That area means liquidity, but resistance too, not to mention the bearish OB is situated slightly above the gap. So we could get a rejection there. If price manages to rebalance, close above the gap and hold, the next area to keep an eye on is the swing high, at $0.0988.
On the weekly time frame, the candle we got so far is a bearish one, with a long body, compared to the previous 7 candles. Price is trading below monthly open. We still have 14 hours till the candle close, but I double the situation can reverse. Anyway, as on the previous time frame, ATL could be next if we don't get a reversal around here. If we do, then the bearish OB is the next area to retest and turn it into support, after which would come $0.0988.
On the daily time frame, we have a swing low at $0.0414, which has a very high chance to be swept these days. In case we get a bounce there and some bullish momentum, the bearish gap above the current level is next. If price manages to invert that gap, marked with yellow, the next one above is next. That gap is a funny one as it has been capping the market for almost a month.
On a more granular scale, on the h4 time frame, we have a nice chart. Nice in my eyes 😆
I rarely do this, but look at that level I highlighted with a horizontal line. Price has retested and bounced off of it a couple of time, as it meant support back then, but on the 27th last month price broke down below it and became resistance.
Zooming in, you can see price is rebalancing a bearish gap (marked with yellow) as we speak. If price manages to close above the gap and hold, the the equal high could be next at $0.0432. If we reject here, then chances to go back and sweep $0.0414 will be high.
At the time of writing, $BTC is rebalancing the bearish gap above mid range. It looks like a rejection as price swept liquidity from the gap and we have the wick of the candle inside the gap and price is below the gap, but the candle is not closed yet. Mid-range has to hold if we want bullish continuation. If mid-range is lost, $61,272 could be next.
In case price manages to close above the gap, the two highs below the next gap would be next.
ETH/BTC is looking good. Retested mid-range twice and bounced. A third retest is still possible next week to sweep 0.02868 and if it holds, we could see price 0.030191.
Next week we have two red folder days, on Monday and Friday, but regardless, be ready for volatility anyway.
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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