Ok legends, let's see where we are with our assets and what can we expect next week. It's important to know your levels, if you want to make the best decision possible, when price hits them.
We have one week, till the monthly candle close, so we can't know what the candle is going to look like, but at the time of writing, the price action is still bearish and slightly over the previous all time low level. We'll know more about it in a week.
The weekly chart is also showing a bearish price action, obviously. The weekly candle is closing in a little over 13 hours and if nothing major happens, we're going to get another bearish candle. What to expect from here? If we don't get a bounce, then all time low is next at $0.0327 and there's not much to stop price till there. In case we get a reversal, the gap between $0.1564 and $0.1764 is the next draw on liquidity and most likely is going to act as resistance too.
The daily chart, even though it's bearish, looks a bit different. This week price swept liquidity from the $0.1008 level and set a new swing low at $0.0969 on Friday. The candle setting the swing low left a bearish gap, which price attempted to rebalance and invert today. The current candle closes in about 13 hours, so we have to wait to see the outcome, but so far we got a bullish candle with a relatively short body and a long upside wick, which looks like a rejection. Again, we need to wait for the candle close. In case we get some momentum, in a ideal world I'd like to see price close above the gap and hold, after which the relative equal high would be my next target on the upside.
I'm a scalper first, low time frame charts are more attractive to me, although the h4 chart is still high time frame for me, but it offers more clarity and helps me frame my trades.
Looking at this one, it is a bit more clear what price wants. At the time of writing, price almost rebalanced the gap and it looks like getting rejected. The top of the gap is also mid-range. In case price can't close above the gap and this is indeed rejection, The next swing low I'd be looking at is $0.0986, after which $0.0969. In case price manages to close above the gap and hold, the next liquidity pool on the upside would be $0.1132 and ultimately $0.1159, which is an intermediate high.
$BTC on the daily, is trying to bounce off the 0.786 Fib level and trading into a bearish gap. For bullish continuation, this level has to hold.
ETH/BTC Price got rejected by the bearish gap and it is back to retesting the bullish gap again, that has been holding price for 106 days now. We have some nice and juicy equal highs and lows, which are attracting price as magnet. Price is closer to the equal low at 0.03209, so I suppose that's the next level to be swept, before going higher, if that's the direction, but time will tell.
Next week we have two red folder days, of which Tuesday with very important data, so be ready fr some volatility.
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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