Last week I didn't follow $HIVE's evolution at all, except for when converting my HBD and it's been one week since the monthly candle close, so it's time to have a proper look to see where we stand, not only with our L1 token, but with $BTC and ETH/BTC as well.
Last month ended with a bearish candle, which also confirmed the bearish gap between $0.1429 and $0.1743. Price opened at $0.1069, after which we had an upward move till $0.1096, after which price sold off. At the time of writing, $HIVE is under monthly open (MO) and trading at $0.1016.
It's too early to tell what's going to happen as the current candle closes at the end of the month, in 3 weeks basically, but if we want bullish continuation, price needs to close above the gap mentioned above and hold. If the weakness continues, all time low could be next, at $0.03027.
The weekly chart is as bearish as the monthly and after last week's bullish candle, chances for this week to get another bullish candle, at the moment are slim to none. There are 10 hours till the candle close, but as it looks now, the candle is a bearish engulfing.
If weakness continues, the next swing low to sweep is $0.0969, which level has to hold. In case we get a bounce either here or after sweeping $0.0969 and enough momentum for price to move upside, I'm looking at $0.1429 to be swept.
On the daily time frame, we're getting the same type of price action. The current candle is closing in less than 10 hours and so far it looks like a bearish engulfing candle. Levels to watch on the downside are $0.0983 and ultimately $0.0969. On the upside, if we get a reversal, I'd keep an eye on $0.1096, which is relative equal highs, $0.1127 and 0.1159 which is another relative equal high level.
While writing, $HIVE dumped a little lower and touched $0.0994 level. I paused writing to see where it goes and if we get a bounce here.
Ok, so $0.0994 has just been swept and right now price is below 0.786 level. Targets on the downside are the ones I mentioned at the daily time frame, respectively $0.0983 and $0.0969.
On the upside, we have a bearish gap, between $0.1032 and $0.1041, which, in case we get a reversal and enough momentum for price to print some bullish candles, is going to act as resistance. For price to turn bullish, we need $HIVE to close above the gap, sweep $0.1067 and hold.
BTC, on high time frame, the bullish structure is still intact. Price has been making higher highs and higher lows and till it makes a low below $74,456, the trend is still bullish.
On the daily time frame, price is above mid-range and a bit undecided at the time of writing, but it's the weekend, so we'll see next week.
ETH/BTC is still ranging between a bullish and a bearish gap. Recently price has created another bullish gap, that is being retested today.
Next week we're going to (possibly) have three red folder days, but this is not the only reason the market is going to go crazy.
It's the end of the months (soon), the end of Q4, the end of the year. Liquidity drops as the biggest players are reducing their activity, institutions are taking profits, spread is widened, algos are adjusted to the new market conditions and so on. Trading becomes more riskier than usual, so I'd be really careful in the next few weeks.
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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