Before I start, I have a confession to make, again. This week my attention was shifted from trading and apart from $BTC, I have no idea what's happened in the market. It's not often that I stay away from the charts, but again, if you can't fully focus on tape reading, charting and trading, then better do something else as there's a heavy price to pay in this game, if you are not fully focused.
This is why I literally have no idea where $HIVE stands today, but judging from the USDT value of my wallet, must be below last week's price. Anyway, let's see what the charts say today and see where price could go next week.
On the monthly time frame, price is still trading under the monthly open price and the current candle, as it is now, it is a bearish one. We're going to get the monthly candle close in two days, so till then, everything can happen. If we get a bearish candle, that would be the 8th in the row, but we'll see.
Levels to watch in this case are the same as mentioned in my previous posts, but I'd be keeping an eye on the all time low (ATL), which is at $0.0327.
On the weekly time frame, price is trading below the weekly open, which is at $0.06. The current candle closes in 16 hours, so we can't conclude anything till then, so the levels I'd be watching is the all time low (ATL), which is at $0.0327 and the swing high (if we can consider this high a swing high at all) is at $0.0798 and honestly, I see no chance for this level to be swept today. We would need a miracle.
On the daily time frame, the price action we have is bearish as well, price is trading below the daily order block (OB). As the next swing low here, there's only the all time low (ATL), $0.0327. On the upside, if we get a reversal at some point and price can form a local bottom, a retest of the first bearish fair value gap, marked with yellow on the chart is what I'd be looking for. That would be the retest of the order block (OB) as well. For bullish continuation price has to invert the mentioned gap, which means close above $0.0599 and hold. After that comes the next bearish gap and ultimately the sweep of $0.0676.
There's a strong resistance area at the next bearish gap between $0.0697 and $0.0709, so if price can close above that area, I'd be looking at $0.0798 to be swept.
The h4 chart looks interesting. After the drop that happened on Thursday and Friday, price established a local low at $0.057 on Saturday, which price tapped into today, creating equal lows there.
I need more candles here, I need the market to show its hand, to make a move one way or another as right now price is going sideways. We either make a lower low and reverse, or reverse now, in which case the high to be swept is at $0.0591.
$BTC is still chopping around in its range. This week we have two bearish gaps on the sell side and at the time of writing, price is between the bearish gap ($67,287 and $68,100) and the local low at $65,504.
ETH/BTC at the time of writing, is trading slightly above mid-range, but it looks really weak. Levels to watch here are still the same as last week, which are0.031857 on the upside and 0.028779 on the downside, if this level doesn't hold.
Next week's economic calendar is full, we rarely see data release announced for each day of the working days. It's true, Monday is not exactly a data release day, but Fed Chair Powell is speaking and he has the power to move the market, so expect volatility each day.
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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