Before I start my analysis of $HIVE, $BTC and ETH/BTC today, first let me say happy International Women's Day to every lady on Hive, as it's the 8th March today. That being said, let's see what we have today.
On the monthly time frame, price hasn't done much this week and it is trading approximately at the same level as last week. There's not much to say here as it has only passed one week of the month and there are still 3 weeks to go till the end of the month. Previous analysis is still valid here.
On the weekly time frame, price swept liquidity from $0.0611 low, as I mentioned in my analysis last week, as we had equal lows there.
Last week I said we had 7 bearish candles in a row and some say after seven candles of the same type, comes a break. I advised you not to trust these sayings and rely exclusively on data provided by the chart and here we are, it looks like we're going to have an 8th bear candle this week.
Two levels to watch are all time low at $0.0327 if the weakness doesn't stop and $0.0798 on the upside, if we can get a reversal at some point.
On the daily time frame, the bearish gap seems to be capping the market now as it has rejected price four times till now. Yesterday price swept liquidity from the above mentioned low at $0.0611 and so far, at the time of writing, we have a bullish candle. If price manages to close bullish today, we have to see if we can get another bullish candle tomorrow, which would confirm $0.0602 as a swing low.
Levels to watch would be the ATL and the EQH at $0.0708 on the upside.
Not long ago, on the 10th of February, someone asked me to chart Hive for them. You can see the two scenarios I dew up that say. Well, price swept the low I drew up, yesterday.
On the h4 chart price is pretty balanced on the leg down. We only have one bearish gap from $0.0653 down, which has been rebalanced already, but keeps defending price. If we take the current range between $0.0633 and $0.0602, price is at approximately mid-range. We need to wait for traditional markets to open tomorrow and for price to show its hand, but regardless, the levels to watch are the ones I mentioned above.
BTC has managed to get out of the range I mentioned last week and created a swing high at $74,021.8. Since then, we have an inversed fair value gap (iFVG), marked with grey on my chart, which should defend price. At the time of writing, price looks pretty heavy and it is approximately at mid-range, so the two swing levels I'm watching is $74,021.8 on the upside and $62,422.3 and $59,888 on the downside.
ETH/BTC is still ranging, accumulating. Levels to watch are 0.030686 on the upside and 0.028273 on the downside.
The economic calendar looks a bit lighter next week, but the data it is going to be released can have high impact on price action, so I'd be cautious from Wednesday on.
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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