This time I'm delivering you my analysis in the usual time, on Sunday, without delay. Things are getting serious and we need to focus if we don't want to miss the big occasion, so let's get to business.
Price in the monthly chart printed a doji so far. Monthly close will be interesting and important as well, so we're going to get back to it in roughly 2 weeks. Previous analysis is valid, check it out.
So far we have a doji on the monthly chart, which means indecision, but on the weekly time frame, price is printing a bearish candle, which is closing in a little more than 12 hours. At the time of writing, price is below mid-range and is the weakness persists, sweeping $0.2049 is possible.
If price bounces here and starts to show strength, we have relative equal highs (EQH) at $0.2845 and if the momentum continues, the famous $0.3006 level I keep mentioning in each of my posts.
This is how a complete daily chart looks in my eyes, if I mark everything on it, but it may look confusing, so let me simplify it for you, remove the rebalanced gaps that are holding price so far, but from liquidity point of view, are not important anymore as we need to focus on the wicks below or above them.
As you can see, on Wednesday and Tuesday price tried to sweep liquidity from $0.2334 level, but failed, created relative equal highs (EQH) and the dump happened. Now we have a bearish gap and a swing low at $0.2091. It's Sunday, no liquidity, no volume, no volatility, so we'll see what Monday range will be, but I'd look out for the above mentioned levels as immediate levels to sweep, which are $0.2091 and $0.2048 on the downside and $0.2334 on the upside, this is an intermediate high as well as it's inside a bearish gap, which is capping the market. If there's enough strength for price to invert the gap and hold, then $0.2465 is next.
On a more granular scale, the h4 time frame chart price is sandwiched between a bearish and bullish gap. It's Sunday, so the candles are small bodied as usual, so most likely we need to wait for Monday to see some volatility.
Levels to watch on the downside are $0.217 (EQL), $0.2144 and ultimately $0.2091, if price shows weakness.
In case there will be some momentum to move price up, levels to watch are $0.2202, $0.2213. Both levels are inside a bearish bap, which needs to be inverted and price needs to hold above it, for bullish continuation. The problem is, above the current bearish gap, there are another two, so inverting those as well will most likely not happen overnight, but time will tell.
I've been watching $BTC weekly as the close is very important. If price fails to close above the line $119,429, that would strengthen the believe that the top is in. That level seems to act as resistance.
On the daily time frame, we still have 10 hours till the candle close, but so far we have a nice bullish candle. Monday is always tricky, so price may sweep $116,719 and if we don't get a bounce, then the slim bullish gap is next to defend price.
In case of some strength, ATH is next and after that, price discovery if we get there. I don't want to extrapolate to get the next range to the upside as it's not the case yet. If ATH is swept, then maybe, but not yet.
ETH/BTC on the daily time frame hit resistance, but holding strong still. The bullish gap is holding price and it's just a matter or time till 0.039543 (EQH) is swept, after which 0.041135 is next.
Next week we have 3 red folder days, the the second half of the week is going to be a roller coaster ride most likely.
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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