It's time to get ready for next week and see where we are with the two tokens I'm always charting, plus a pair that most likely is not so important now, till we make some significant move to the upside, but let's see what we can expect next week.
On the monthly time frame (don't even want to look at the chart, but I have to be professional, put my feelings aside as this is technical science, not feeling analysis), price had a big run to the upside, rebalanced the bearish gap, which has no significance anymore and at the time of writing, $HIVE is back to trading slightly above the monthly open.
We still have two weeks till the monthly candle close, so anything can happen. I don't think there's a need to mention levels here, but if you're interested, current swing low is at $0.0553, in case there's more weakness in the market. On the upside, well, that's a funny one. Now that the closest gap is rebalanced, the next one would be the liquidity target, between $0.1429 and $0.1743, as the top of the wick is not confirmed as swing high.
The weekly chart shows weakness and if the candle closes approximately as it is, chances to get a bearish engulfing candle are high. We still have to wait for around 14 hours. Levels to watch are the same as at the previous time frame.
The daily time frame doesn't look better either. The gap this big scam move left on the buy side was fully rebalanced yesterday and unfortunately could not defend price, as yesterday's candle closed below it.
If there will be more weakness in the market, which seems likely, I'd keep an eye on $0.0553. On the upside the swing high is at $0.071, in case we get a reversal here and some momentum in that direction.
On the h4 time frame, price set a swing low at $0.0585, after which, went into a small consolidation above it. The two immediate levels to watch on this time frame are the one mentioned above and $0.0612, on the upside.
$BTC - The gap that price was retesting last week could not hold and it's lost now. Price went back to retest the bullish gap created on the last day of April. In case we get a bounce here, the next liquidity pool on the upside is $82,811. If this gap is lost, then as I mentioned last week, the swing low at $74,900 could be next.
I don't trade on the daily chart, for me this time frame is to give me an indication where price is potentially going, but I love the leg up as the price action is really balanced.
ETH/BTC Last week I said in my post, that sweeping 0.028273 is likely, which happened this week. Price is back to retest the bullish gap, the top one created in July, last year. At this point it's possible for both gaps to be retested. The level the lower gap represents, has to hold.
Next week we only have FOMC Meeting Minutes on Wednesday. Not something you see often.
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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