Almost, almost halfway through the months, so let's see where we stand with $HIVE, $BTC & ETH/BTC today.
In the monthly time frame, at the time of writing, $HIVE is trading slightly above the monthly open, but after 12 days, we can see price tried to retest the order block (OB), but got rejected before even touching it. We'll see what happens after the candle close. Till then, previous analysis with levels to watch is valid.
On the weekly time frame, we can see that $HIVE has been in consolidation mode for the past four weeks. This is not necessarily a bad thing, but we need the market to show its hand and wait for $HIVE to make a move either to the upside, or the downside. The most logical and healthiest move in this case would be for price to sweep $0.0453 and bounce, but we'll see.
Levels to watch on this time frame are the same as last week, $0.0453, in case we get more weakness and $0.0988 on the upside, in case someone decides to buy heavily.
Even if you don't have technical analysis skills you can see from the chart, that price has been going sideways lately and accumulating below the bearish gap.
The bearish gap that was rebalanced on the 10th of last month is still capping the market. Levels to watch here are $0.0453 on the downside, if we get more weakness and $0.062, if we can get some bullish momentum.
This is what I wrote last week and it is still valid. We need price to either sweep the low or close above the gap.
On the h4 time frame, due to price moving very slowly, we have a balanced price action. You can see that yesterday price had an attempt to rebalance and potentially invert the bearish gap, but reversed before even reaching it. At this point sweeping the immediate swing low at $0.0478 looks likely. If we get a bounce there, then the current swing high would be next to sweep, at $0.0511. If not, then I'd keep an eye on the following lows: $0.047 and $0.0453, as mentioned on previous time frames.
Interesting price action on $BTC. On Monday price set a local high at $64,703, a high that price tried to sweep on Friday, but couldn't. At the time of writing, $BTC is retesting the bullish gap and is trading at $63,856, which is slightly above the bullish gap. If this gap can hold price, we have a chance to see $BTC higher. If the gap can't defend price, we could see price retest mid-range, or go even lower. We'll see next week.
ETH/BTC is printing higher lows. This week retested and bounced off the bullish gap. At the time of writing, the pair is trading slightly below mid-range. Immediate levels to watch are 0.02872 on the upside, if the bullish momentum continues. If not, then another retest of the bullish gap and 0.027593 could be next.
Next week we are going to have two red folder days, with important data release, so I'd be careful on Tuesday and Wednesday.
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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