Today it's the 5th of April, Resurrection Sunday, the day we commemorate the resurrection of Jesus from the dead. I'm not particularly religious, but still celebrate this day and I'd like to wish everyone who is celebrating this event, a Happy Easter!
Now let's see what the assets and pairs I'm usually charting each Sunday have been doing the last 7 days and what we can expect next week.
On the monthly time frame, we had last month's candle close this week, on Tuesday, and as expected, the candle closed as bearish. This is the 8th consecutive bearish candle we got. This is why I mentioned in one of my past posts, to trade the charts, not what they say as the saying about shift after 7 consecutive candles is just a saying. We rely on data, facts.
Anyway, there's nothing new here to mention. previous analysis still valid on this time frame.
On the weekly time frame, price is above the weekly open and it is trading at around $0.0577. There are still 10 hours till the candle close, so we can't take the current situation for granted.
Levels to watch are $0.0691 on the upside and all time low at $0.0327 on the downside. We need a bit more time for the market to show us its hand as the direction he is still not clear. We need momentum.
We have an interesting price action on the daily time frame.
It seems price set a local bottom for now on Tuesday, which was the last day of March, at $0.0553. Since then, price retested and got rejected by the bearish gap between $0.0591 and $0.0599. That gap is fully rebalanced now but still acts as resistance as price had no chance of closing above it.
Yesterday we got a bearish candle, of which close confirmed the swing high at $0.0603. At the time of writing, we have a bearish candle with a pretty long body, that will close in about 10 hours. Candle close is important, to see if we get a bearish OB at $0.0573, if we close below it. If the weakness continues, I'm looking at the swing low to be swept.
On the h4 time frame, price is at a crucial level, mid-range, if I count my dealing range between $0.055 and $0.0603. It's decision time, price either holds this level, in which case the two bearish fair value gaps, marked with yellow on my chart are next to be retested. If price loses this level and we get more weakness, I'm looking at $0.0559 and potentially $0.0553 to be swept.
$BTC made a local low at $64,935 last Sunday, after which we got a move to the upside, till $69,301, where price got rejected by the bearish gap and sold off.
At the time of writing, price that slim bearish gap between $67,543 and $67,344 is capping the market. So far the current candle looks like a bearish engulfing candle, and if it closes as one, chances for price to sweep $65,666 are high. If we get a reversal at some point, price needs to close above the current gap, after which $69,301 is to be swept.
ETH/BTC bounced off the bullish gap last week and made a move to the upside this week, but got rejected by the gap, without sweeping the swing high at 0.031857. At the time of writing, the pair is trading slightly above mid-range. Previous analysis still valid.
Next week we have four red folder days, with important data releases, so I'd be focused on the charts around those times and apply my best risk management, to protect my capital.
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.
If you're a newbie, you may want to check out these guides:
- Communities Explained - Newbie Guide
- Cross Posting And Reposting Explained, Using PeakD
- Hive Is Not For Me
- How To Pump Your Reputation Fast - Newbie Guide
- Tips And Tricks & Useful Hive Tools For Newbies
- More Useful Tools On Hive - Newbie Guide
- Community List And Why It Is Important To Post In The Right Community
- Witnesses And Proposals Explained - Newbie Guide
- To Stake, Or Not To Stake - Newbie Guide
- Tags And Tagging - Newbie Guide
- Newbie Expectations And Reality
- About Dust Vote And Hive Reward Pool, by libertycrypto27
