It's Monday again and it's time for another analysis on the two asset and the pair I am posting about each week, which are $HIVE, $BTC and ETH/BTC. Let's see where we stand today and what we can expect next week.
On the monthly time frame, price is under the monthly open and writing the 8th bearish candle, which is going to be closed in 9 days. We can't conclude anything on this time frame, till the candle is not closed though, so I'm going to get back to this later.
On the weekly time frame, price has just swept the local low at $0.0602. There are 13 hours to go till the candle close, but as things stand now, chances to close with a bearish, possibly engulfing candle are high.
If we can get a reversal somewhere around here, I'm looking at $0.0798 to be swept but if the weakness continues, all time low could be next to be swept at $0.0327.
On the daily time frame, there's something I want to show you.
Zooming out and looking at the big picture, we had a long downside wick on the 25th of October. The move was quick, swept old time low (ATL), set a new one at $0.0327 and bounced back the same day. It's not a rule, but these wick are usually filled later and that's what we're witnessing now. There are traders hunting 0.5 and 0.75 area for an entry. In this case 0.5 was filled on the 18th of December, we got a bounce there, but price did not hold. Right now price is sitting at 0.75, but who knows if it holds or not.
Zooming in, you can see price swept liquidity from $0.0602 and heading towards the 0.75 area. If we get a bounce there and some momentum to the upside, the high price needs to sweep is $0.0691. If this weakness continues, then again, all time low could be next.
On the h4 time frame, we have a very imbalanced sell side, with several gaps. $0.0602 was swept, and as there are no other lows, ATL is next on the downside. Are we going to get there? Who knows. I don't make predictions. On the upside,price needs to rebalance the gap between $0.0612 and $0.0627, close above it and hold. After that, $0.0652 is next.
$BTC, after chopping sideways for about a month, managed to move out of the range, made a higher high on the 4th of March, and a second higher high on the 17th. At the time of writing, price is retesting the 0.75 level. If this level holds and we get a bounce, $76,053 is the high I'm looking to be wept.
If this level doesn't hold, we could go lower to $65,580, after which there are the other two swing lows, marked on the chart.
ETC/BTC finally broke out of the channel on Monday, made a nice move to the upside, rebalanced the bullish gap, but rejected. At the time of writing, it is retesting mid-range. Levels to watch here are 0.031857 on the upside and 0.028779 on the downside, if this level doesn't hold.
Next week is going to be light, as far as the economic calendar is concerned, as we only have two red folder days, but with all the Geo-political turmoil going on in the world, I'd be always careful with risk.
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:
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