Here we are again. It's Sunday, it's mid-month, so let's have a look at what we can do here.
On the monthly time frame, there's not much to say. With this level of bearishness, ATL is next it seems. Let's see what reaction we're going to get there, after sweeping $0.0327. Do we get a bounce or we go lower?
The weekly chart doesn't look better either. We have a bearish fair value gap on the sell side, marked with yellow. If, by some miracle, we get a reversal here, price needs to get back above the bearish gap and hold, in order to go higher, but sweeping ATL first seems more likely.
On the daily time frame, we have a swing low at $0.0385, set on Friday, after which as usual, we have two doji as there's not much volatility on weekends. Let's see what we get tomorrow, but the two immediate levels I'm watching is $0.0385, which most likely will be swept, and $0.0436 on the upside, which seems miles away from where we are now.
On the h4 time frame, we have a small dealing range, between $0.0385 which is swing low and $0.0401, which is swing high. At the time of writing, price is at mid-range. We need price to sweep either the low or the high, to give us an indication where it wants to go. I'd stay put here as it's not a trading zone for me.
$BTC is still chopping around in this channel. Kind of losing momentum, as we have lower highs already, but nothing is lost yet as it still is above mid-range. If price makes a lower low, then chances are we're going to see channel low revisited. Chances for $62,240 to be swept are high in my opinion, but it remains to be seen.
ETH/BTC seems to be consolidating a little here, getting ready for its next move. The two levels to watch are marked on the chart.
Next week we only have FOMC minutes on Wednesday, but that doesn't mean everything will be calm, so be careful out there.
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.
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