Here we are, it's Sunday again, so it's time for another analysis of $HIVE, $BTC & ETH/BTC . It's the 14th, almost mid month and we're talking about the most difficult month. I'm not going to go into details why, it's not the scope of my post, so let's see where we stand today, so in case you want to trade or just swap $HIVE to $HBD, you know where the key levels are. It helps to be ready to pull the trigger when time comes.
The monthly chart hasn't changed much since my last week's analysis post. Price is still below the monthly open, trading around the same level and there were no significant moves to either of the sides. The current candle is still bearish, but we can't take it for granted till the candle is fully closed, which happens on the last day of the month and year as well. So we're going to wait till it closes.
On the weekly time frame, this week price printed a bearish pinbar candle and look really heavy, on its way to sweep $0.0969, as mentioned in my previous analysis. The current candle closes in about 9 hours, so everything is possible in the meantime, but if we don't get a bounce at around $0.0969 and a reversal, things are going to get ugly.
On the daily time frame, price has been chopping around for the past three weeks in the same range. Chances for price to sweep $0.0988, $0.0983 and then $0.0969 are high at the moment as so far today we got a bearish candle and if it closes close to how it is not, it's going to be a bearish engulfing. On the upside, if we get a bounce at some point, I'm looking at $0.1084 and $0.1096 to be swept.
On a more granular scale, the h4 time frame shows clearly how choppy the market has been lately. Targets on the downside are the same as mentioned at the previous time frame, $0.0988, $0.0983 and then $0.0969. On the upside, I'd be keeping a eye on $0.1044, then $0.1084 and $0.1096.
$BTC has also been ranging, chopping around. Since last week, price has set a new high, but rejected and it's back towards mid range, which is slightly lower than $87,680.
ETH/BTC on the other hand has been able to break out of the ranging zone and make a move to upside. Price has retested mid range and it is trying to rebalance the bearish gap created on Thursday.
Next week we're going to have two red folder days, but economic news are not the only one moving the market in December. I personally am only scalping on very low time frame as this price action is ... if i say crazy, that's an understatement.
Be safe out there and don't risk losing money you don't have or don't want to lose.
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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