I'm a bit early with my analysis post today, but it doesn't matter as the market is not doing much today, I mean there's not much momentum. However, I'd be cautious as there's a possibility for something to happen regarding the Iran situation. If an announcement is made by the US or the other party, it can move the market. Anyway, let's get started.
The monthly chart looks a bit better compared to last week, but only compared to last week as price is trading at $0.061 at the time of writing, compared to $0.0597 last week. However, if you look at the monthly candle, you see a candle so many token holders don't want to see. We had a big move to the upside, then price literally came back to monthly open as there was no buying pressure to keep price at that level. As a trader, we trade the markets both ways, so every move is an opportunity, like was this one too, to make some money.
Anyway, we still have a week till the candle close, we'll see after the candle close, but as long as we get a bullish candle (white one), I'm ok with that.
The weekly chart look different, although it says the same thing, just in a different way. You can see the big spike we had three weeks ago, after which came the bearish candle and this week we have a bullish candle, which closes in about 17 hours. Unfortunately the big upside wick tell you that selling pressure was again dominating as it push price back to $0.061.
The two levels I'd watch in case you want to trade or swap are swing low at $0.0553 and the current swing high at $0.0988, which seems miles away from where we are now.
On the daily time frame we had a bullish move yesterday, price swept liquidity till $0.0688 and then sold off. Today we have no momentum as price has printed a doji so far, which means indecision.
Price needs to close above $0.0643, to set the bullish order block, then continue to the upside, but if there's more weakness, we could see $0.0569 revisited.
This is not how I trade, but this support/resistance level marked with grey makes a lot of sense. Just look at how many times price has touched it. So if we take it into consideration, this level has to hold, otherwise it becomes resistance again.
On a more granular scale, the h4 time frame shows $HIVE trading above the bullish gap created yesterday, which has not been retested yet. This gap has to defend price, if we want bullish continuation. If the gap is lost, we could go back to $0.0578 and potentially $0.0569.
This week $BTC lost the bullish gap, which could not hold price and swept $74,900, as I mentioned the possibility of it in my last week's analysis. We got a bounce there, but there's no enough bullish momentum yet, the order block has not been set yet. Let's see if we continue to the upside or we go lower. I'd be careful here.
***ETH/BTC *** has not done much lately. price is still retesting the top bullish gap. We either get a bounce here, which would be ideal, or we retest the second gap.
Next week we only have one red folder day, but geo-political events can move the market, so stay safe.
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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