It's Sunday again, it's time to do my weekly analysis and see where we are with $HIVE, $BTC and ETH/BTC today.
This week we had the monthly close so today we can chart the monthly time frame with the candle close.
The bearish gap created in June was finally inverted, as price closed above it on Wednesday. This means resistance was turned into support, but price needs to stay above this level.
Levels to watch on this time frame are the swing low at $0.0373, which is confirmed now and the swing high at $0.0988.
On the weekly time frame, even if the current candle, at the time of writing, is bearish, we got the third candle closing above the 200 SMA, which indicates strength. As I said, the current candle is bearish at the moment, but it has a long shadow, or wick (compared to its body) and no upper wick, which means there was some buying pressure and no selling pressure.
Levels to watch on this time frame are the swing high at $0.0663 and the weekly order block (OB) which has not been retested yet. I'm not saying it will as in a bullish trend price doesn't always revisit previous levels, but will see.
On the daily time frame, price has been consolidating under a bearish daily gap, that has been holding price hostage since the 30th of last month. It has already been rebalanced, so all we need is a good move to the upside and a close above it. Or, if we get weakness, we could revisit the low at $0.0541.
On the h4 time frame, price went into consolidation under a bearish gap since Monday, the 28th of September. Since then, price had two attempts to invert the gap, but got rejected every time. At the time of writing, price is approaching the gap again.
Levels to watch on this time frame are $0.0541 on the downside, if we get rejected by the gap again and $0.0627 on the upside, if price manages to invert the gap and hold above it.
$BTC has been consolidating at an important area, marked with grey. It's basically sandwiched by resistance and the bullish gap, which is serving as support currently. We have (relative) equal highs (EQH) at $87,383. If price manages to sweep that level and hold, that means turning resistance into support as well. If we get another rejection, sweeping $82,468 and if we don't get a bounce there, retesting the second, lower gap is still in the cards. We'll see next week.
ETH/BTC is still chopping around between $0.03344 and $0.30564, but the god news is, has managed to stay above the bullish gap.
Next week we don't have much in the economic calendar, except the FOMC Minutes on Wednesday, but again, economic events are not the only factors influencing the market, so stay safe.
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.
Do your own research, make your own decisions as you're taking the risk.
All charts posted here are screenshots from Tradinview.
Come trade with me on Bybit.
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