This week I literally have no clue about where $HIVE, $BTC or ETH/BTC is at, or what these assets and pairs have been doing this week. I had other preoccupations and trading was pushed aside unfortunately, so I actually am glad to get back to charting and see what we can expect next week.
Having the charts ready on Sunday is what each trader should do, so here I am, sharing what I see, how I see it. I hope you can use it.
I must admit, I'm happy to actually see this chart, although, we can't take anything for granted on this, monthly time frame, but the fact that $HIVE is trading above the monthly open, after eight consecutive bearish candles, is a good sign. We're not even mid-month, so we'll see what the candle close will bring to us. Till then, previous analysis still valid, but with a little update.
Last month's candle close left a gap (marked with yellow on my chart) on the leg down, which is acting as resistance now, so if we get a reversal at some point, for bullish continuation, price has to close above the gap and hold, which means hold $0.075. If we get a rejection, ATL is still in the cards.
On the weekly time frame, last week we got a bullish candle, which is good news for the bulls. Unfortunately the candle could not finish as an engulfing candle. However, this week, although the candle is not closed yet and it looks like a doji, which means indecision, $HIVE is still trading slightly above the weekly open. Levels to watch on this time frame are $0.0691 on the upside, if we get some momentum, and ATL if we get more weakness.
On the daily time frame, price touched the bearish gap, marked with yellow on my chart, on Friday this week and got rejected. At the time of writing, $HIVE is trading below the gap and it looks like show accumulation for the next leg, which could be in either direction.
For bullish continuation, price needs to close above the gap and hold $0.062. If we get more weakness, then I'm looking at the two immediate lows to be swept, which are $0.0566 and $0.0553.
On a more granular scale, the h4 chart shows price is trading slightly above mid-range, if I count my dealing range between $0.062 and $0.0553 and it is slightly below the bearish gap and inside a bigger, bullish gap set up on Tuesday.
At this point there's no clear indication for me, on where price wants to go, so I'd wait for the market to show its hand. It's Sunday, traditional markets are closed, so there's not much to expect till tomorrow. Levels to watch are marked on the chart.
$BTC has finally decided to make a move to the upside and retest the bearish gap that has been capping the market, and it looks like it's getting rejected, because at the time of writing, the candle we got so far on the daily time frame is a bearish one. Nothing to take for granted yet, as the current candle closes in about 13 hours, but if it closes inside or below the gap, sweeping liquidity from $70,417 is highly possible. If price manages to close above the gap, I'm looking at $76,053 to be swept.
Compared to last week, this week ETH/BTC had another attempt to invert the bearish gap that has been capping the market since the beginning of February this year, but so far, without any success. Precious analysis still valid.
Next week's economic calendar looks really light, there's one red folder day with news release, but this doesn't mean there are no other events influencing the market, so stay safe and protect your capital.
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.
If you're a newbie, you may want to check out these guides:
- Communities Explained - Newbie Guide
- Cross Posting And Reposting Explained, Using PeakD
- Hive Is Not For Me
- How To Pump Your Reputation Fast - Newbie Guide
- Tips And Tricks & Useful Hive Tools For Newbies
- More Useful Tools On Hive - Newbie Guide
- Community List And Why It Is Important To Post In The Right Community
- Witnesses And Proposals Explained - Newbie Guide
- To Stake, Or Not To Stake - Newbie Guide
- Tags And Tagging - Newbie Guide
- Newbie Expectations And Reality
- About Dust Vote And Hive Reward Pool, by libertycrypto27
