Hello traders and non traders. It's Sunday again, so we're going to have a look at the current situation regarding $HIVE $BTC and ETH/BTC, to be ready to make the best decisions next week.
There are two days left of the current month, plus a few hours left of this day, so the monthly candle, even if it's not closed, is taking shape. Unfortunately, price is way below the monthly open and chances to close above it are kinda slim to none. Unless we make a huge reversal with momentum, we're about to get a bearish monthly candle.
$0.1757 has already been swept and if the weakness persists, I'm looking at $0.1639 and $0.1467 as potential downside targets. If we get a bounce at some point, on the upside, I'd keep an eye on $0.2821 and the already famous $0.3006.
On the weekly time frame, price is delivering from a bearish orderblock (OB) and looks really heavy. This week price swept $0.1757, as I mentioned above at the monthly. Next targets on the downside are $0.1639, $0.1568 and $0.1467. For bullish continuation, price has to get back and close above $0.2081, in which case $0.2151 is the swing high I'm watching to be swept, after which $0.2327 could be next.
The price action on the daily time frame is bearish. Price is about to sweep the swing low, at $0.1743. As I mentioned above, the next low to be swept if there's more weakness, would be $0.1639. The sell side of the curve is not balanced, we have a few gaps on the way down, so if we get a bounce before or after sweeping $0.1743, the slim gap between $0.1816 and $0.1824 can act as resistance. If price manages to close above it and hold that level, the next gap at $0.1917 and $0.1968 is the next resistance level. Close above it and the swing high at $0.201 could be next.
If you zoom out a bit, you can see price is retesting the bullish gap that has been retested twice and has been holding price for 325 days, since November 8, 2024. This gap has to hold, for bullish continuation.
On the h4 time frame, price came close to sweeping $0.1743, but bounced before it happened. Sweeping that low is still in the cards though. However, if we get some momentum here, the gap between $0.1773 and $0.1789 is next, which is going to act as resistance. Invert that gap, close above it, hold and the two swing high at $0.1816 and 0.1832 could be next. Getting a bounce here is crucial though.
Since last week, $BTC has lost the upper range and it is back to the lower range. I would be cautious here and would go long only if I see price get back to the upper range with confirmation.
ETH/BTC took a hit as well and lost the gap, price closed below it, swept liquidity from 0.036068 made a new low at 0.035172 and bounced. For bullish continuation, price needs to get back above and hold 0.038512.
Next week's economic calendar looks kinda full. Monday is not really a trading day, but the rest of the days have an event each. We have JOLT job openings, unemployment claims, ISM services, you name it. There's a chance next week is going to be a roller coaster, but that's only bad if you don't know how to play it.
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
