Ok people, let's get this analysis done and see where we stand. Today it's not only Sunday, but it's the 31th, the last day of May and even though the monthly candle is closing only in a good few hours, we can already have an idea about what it's going to be.
So on the monthly time frame, we're in a slightly better position than last week, but there are still two things to consider. One is that there are still 15 hours to go till the candle close and the other you're going to see as we go to lower time frames. So far $HIVE is trading at $0.068, compared to $0.061 last year. Anyway, it is above the monthly open and that means a bullish candle.
On the weekly time frame, we see a similar candle to the one we got three weeks earlier. A bullish candle with a long upside wick, which indicates a bigger buying order, but not enough buying pressure to keep price at those levels. Price could not even reach the bearish gap (marked with yellow on my chart) and sweep $0.0988, as it literally sold off before reaching it.
Levels to watch are swing low at $0.0553 and $0.0988 on the upside, but at this point, reaching $0.0988 today seems less likely.
On the daily time frame, we have almost the same situation replicated as we had on the 5th of May, but maybe on a smaller scale as price could not reach the candle top level till the time of writing. Unfortunately these big wicks make trading a bit more difficult.
Anyway, there are almost 15 hours till the candle close, anything can happen in theory. Levels to watch are the same as in case of the weekly chart, which are $0.0553 and $0.0988.
On the h4 time frame, these spikes that occur from time to time are more obvious. This is why I said we need to take into consideration some details when looking at the monthly close. Usually not much happens on Sunday, but we had this spike to the upside and we have to wait the actual candle close, to see where the spike ends.
We have a bullish gap on the sell side, which most likely will be rebalanced soon, so I see a bigger chance for price to come back to the gap, marked with green on my chart. If we don't get a bounce there, then the next two levels to watch on the downside are $0.0564 and potentially swing low at $0.0553.
$BTC is at the crucial level here. Just rebalanced that slim bullish gap and holding above it, but there's no momentum. If we get some bullish momentum, there are two bearish gaps on the leg down, so those will present some resistance, which means price needs to invert them (close above) and reach $78,173. If this level is lost, then I'd be looking at $72,460 to be swept.
ETH/BTC looks like is creating a rounded bottom, but we don't have a confirmation that this is a bottom yet. Still accumulating inside the bullish gap, so we need to wait for more candle to be printed, to see where price wants to go.
Next week we have three red folder days with important data coming in, so expect volatility and manipulation as well.
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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