It's been a week since my last analysis and honestly, I have no idea where $HIVE is at the moment as I haven't been following it, so it's time to have a look at the markets.
On the monthly time frame, price is slightly below the monthly open, which is at $0.1237. There are exactly 3 weeks to go till the monthly candle close, so nothing is set in stone here, but the good thing is, the current candle has a longer lower shadow, than the upper shadow. We'll see when the candle closes.
The weekly price action is still bearish. At the time of writing, price is below the weekly open level, which is $0.1195. The two levels to watch on this time frame are the all time low at $0.0327 and the bearish gap at $0.1564 and $0.1764 level, which is acting as resistance.
The daily time frame chart, even though the price action is bearish, looks a bit better. We have a new local swing low this week, at $0.1008 and a local swing high at $0.1271. Price is retesting the bullish gap as we speak. Should the gap hold price, close above it and hold, swing high is next at $0.1271. There's a bearish gap above, which has already been rebalanced, so it's not acting as internal liquidity pool anymore, but has rejected price. In case price sweeps $0.1271 and there's enough momentum to continue, $0.1292 is next.
On a more granular scale, the h4 time frame chart looks a bit better than the previous, high time frame charts. Price has just retested the bullish gap, which is a slim one, but was able to hold price so far. The immediate levels I'm watching are $0.1183 on the downside, which is a relative equal low, if the weakness continues. If that level doesn't hold and we don't get a bounce there, $0.1114 could be next.
It's Sunday, so there's no volatility, but in case we can get a bounce here, I'd look at $0.1234, which is a relative equal high and $0.1271, after which $0.1292, if momentum continues.
I'd be cautious today as it's Sunday and traditional markets are closed.
$BTC - I hope this chart speaks for itself and you can read it. If not, price has retested range low several times this week and holding above it nicely. Let's see what next week brings. We need to let the market show its hand as we don't have a clear direction right now.
ETH/BTC - Unfortunately the bullish gap price was in last week could not hold and we're back to the lower bullish gap. Price successfully retested it during the week, closed above it, so if it holds, I'd be looking at the bearish gap above, marked with yellow on my chart. I'm expecting resistance there.
Next week, the economic calendar shows two red folder days, but both are marked as "tentative", so nothing is certain. The US government is still in shutdown.
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.
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