It's Sunday again, time to have a look at what these assets and pairs have been doing lately, especially after the move we had this week and make a plan for next week, if you're trading or just riding the waves.
Keep in mind that only one third of the month is gone so far, so we have two thirds left till the current monthly candle closes, so a lot can change since then, but so far, the bearish gap you see marked with yellow on my chart was rebalanced this week.
If price manages to close above it at the end of the month, then the next liquidity target is the upper bearish gap. If not and we see weakness in the market, $0.0553 could be next, which is the current swing low.
The weekly chart looks as ugly as the monthly, from trading perspective. This week the lower weekly bearish gap got rebalanced, price managed to rebalnace half of the second bearish gap above it, then literally sold off. This happens with illiquid assets like $HIVE is, when a bigger order is places and there's not enough buying pressure to keep price at the reached level.
There are till 15 hours till the current candle close, so anything can happen, but as things stand at the time of writing, we have a bullish engulfing candle, with a huuuuge upside wick.
Although the huge upside wick is not what any trader wants to see, if price closes above $0.0636, at least that confirms the order block (OB). If there's enough momentum next week, a bullish scenario would be the retest of the OB, if confirmed and then the two bearish gaps above. If momentum is lost, I'd keep an eye on $$0.0553, as the swing low.
The daily chart is really interesting at the time of writing. This week price swept liquidity up till the $0.0988 level, then brutally sold off. With such violent moves, there usually are some gaps on the leg of the move, and this is why we have a bullish gap on the daily. Price is accumulating above it at the moment, but rebalancing the gap is still in the cards.
It's possible to get a bounce here or somewhere inside the gap, and continue to the upside, in which case the new swing high is the target, at $0.0988. If not and we see more weakness, then I'd look at $0.0586 as my next target on the downside.
The h4 chart is showing accumulation between the two gaps. At this time there's no clear direction of where price wants to go, it could go either way, so we need to wait for the market to show its hand next week. Levels to watch are marked on the chart.
$BTC has inverted the bearish gap between $79,388 and $81,000 and it is retesting it as we speak. If the gap can defend price, the swing high at $82,811 could be next. If the gap can't defend price and is lost, the next liquidity pool is the bullish gap below, or the swing low at $74,900.
ETH/BTC 0.028779 was swept this week, as I mentioned last week that it would. At this point it seems like price is heading to sweep 0.028273.
Next week we have three red folder days, with important data coming in, so I'd be cautious around these dates and times, plus the geo-political situation looks like changing again, so be ready for some volatility and manipulation.
If you're a newbie, you may want to check out these guides:
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