I'm one day late with my analysis. Yesterday was not feeling well, which means I stay away from things that requires maximum focus and charting/trading is such an activity. Any mistake can cost you quite a lot, so preserving your capital is way better than gambling. Anyway, it's never too late and besides, Monday is not a trading day, so let's see where we stand at the moment.
On the monthly time frame, price, at the time of writing, is under the yearly open, under the monthly open as well and looks really heavy. It's the 9th of the month, the candle is far to be close to closing, so there's not much to say here, other than if this weakness continues, it's possible for price to hit ATL. In case we get a reversal at some point, the bearish gap is the first resistance level that has to be inverted and turn into support.
The weekly price action (PA) is bearish as well, obviously. At the time of writing, price is trading below the weekly open.
For a bullish price action, price needs to invert the first bearish fair value gap between $0.0856 and $0.0892, then the next one above it and close above $0.1061. If we can't get a reversal around here, ATL is still in the cards as the next possible low to sweep.
On the daily time frame, price set a local bottom on Friday at $0.0611, after which we got a little bounce till $0.0857, but there was not enough buying pressure to keep price at that level, so now we're getting the second bearish candle, but the current candle is not closed yet. Levels to watch are the two levels mentioned at this time frame.
On the h4 time frame price looks really heavy. It is below mid range and if we don't get a bounce at the 0.75 level, then we go to $0.0611. If we manage to get a reversal at some point, then $0.0857 is a level on the upside to target.
$BTC went nose diving mid January and set a local bottom on the 6th of February at $59,888. We got a bounce there, but today and during the weekend price seems to be consolidating a little here, before the next move, which we don't know in which direction is going to be. If price can't hold this level, we go back to sweep $59,888 and if we get some bullish momentum, then price needs to invert the gap above $71,388, after which, the gap above that is next.
ETH/BTC Also seems to be consolidating here. That old bearish gap was able to hold price for now. Two levels to watch are 0.028551 on the downside and 0.030444 on the upside, if we get some bullish momentum.
The economic calendar is full for this week, except today, Monday. So I'd be ready to get some volatility from tomorrow.
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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