Ok people, let's do what we do each Sunday, let's get ready for next week by looking at what these assets and pairs have been doing this week. But before we start, you'd better clean up your desk, remove all the distraction you don't need and start the week clean, as you should. Removing distraction is key.
On the monthly chart, price is trading below the monthly open, which comes after closing a bearish candle last month. It's too early to draw any conclusion on this time frame, but previous analysis is still valid.
Immediate levels to watch are $0.0373 on the downside and $0.0663 on the upside, which is confirmed as the swing high now.
On the weekly time frame, price is back to retesting the weekly order block (OB) and it is trading below it at the time of writing. If this candle closes bearish, and chances for that to happen are really high, this will be the 6th bearish candle in a row. It's true, we have a doji on the sell side as well, but I am counting that in too.
Anyway, if we get a bounce here and a reversal, then $0.0663 would be the next liquidity pool to look at, as the sell side of the curve is balanced, nothing to stop price till there. If there will be more weakness in the market, then I'd say keep an eye on $0.0373.
The daily time frame paints a clear picture. Price is approaching a key level, which is represented by the bullish gap, marked with green on my chart. That level was retested a few times in the last week of August, that left relative equal lows there and price bounced off. Now we're back to retest it.
If we don't get a bounce there, there's another bullish gap below, another chance for price to rebalance it and bounce, but if it fails, $0.0373 is in the cards too.
On the h4 time frame, we have a narrower dealing range and price lost mid-range yesterday. There's not much momentum during weekends, except a few occasions influenced by geo-political events, so there's not much to expect today, but next week sweeping $0.0425 looks highly likely.
If you're a bull, you'd want to see a quick sweep of $0.0425, a V-shape recovery and a reversal, then turn mid-range into support. Time will tell.
$BTC hit support and this is a crucial level to hold, or we go back to the $66k area. I'd be really cautious here.
ETH/BTC had a nice move to the upside this week, but got rejected by the bearish gap, leaving equal highs behind.
If you zoom in, you can see that this is a crucial area, it is not only mid-range, but also slightly above the 200 SMA. This level has to hold, or we go back to sweep 0.028349.
Next week we have two red folder days, with important data announcement, but again, economic data is not the only catalyst in 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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