Today I'm really looking forward to doing this analysis, to see where $HIVE is as during the week I've been watching other assets and have little idea what $HIVE has been doing.
Today is the penultimate day of August, so the month closes tomorrow, when we're going to have the monthly candle close.
Even if you have zero knowledge of trading, you can see the monthly chart is bearish.
As I said above, we still have one day to go, till we get the candle close, so nothing is set in stone yet, but at the time of writing, the candle of this month looks like a doji, which means indecision. If you zoom in, like I did in the photo above, you can see the slim body of the candle is bullish, but I would not jump up and down of joy as the distance between the open and where we are is so small, it can change in a split second. Let's wait till the candle close, then we talk.
On the weekly time frame, lat week we had a bullish candle, which rebalanced the bearish gap, marked with yellow, but could not invert it as the candle closed inside the gap. This week the candle we have so far, is bearish, with a small body and almost no upper wick. The candle closes in about 11 hours.
As it says on my chart, if the current candle closes above $0.0373, it confirms the mentioned level as the current swing low.
In case we get some volume and momentum (highly unlikely today though), price needs to close above the bearish gap and hold. If we get more weakness, sweeping ATL is still in the cards.
On the daily time frame, price has been ranging between the two gaps since Saturday, the 22th of August, when the bearish gap was rebalanced. Two levels you need to watch, which are $0.0473 on the upside and $0.0413 on the downside.
On the h4 time frame, the range I was talking about on the daily, is more clear. At the time of writing, price is trading in premium, above mid-range. We have (literally) equal highs at $0.0445, which is going to be swept at some point as it's draw on liquidity, we just don't know if it's going to happen before sweeping $0.0413, or after. I'd be careful here as this is not a trading zone for me.
$BTC has been consolidating under resistance since Friday, the 21th this month, but above the bullish gap. This is not a trading zone for me, you should be careful here as well, because price could get rejected at the grey box above. We have three bullish gaps on the buy side, left by the big move BTC did since the 19th, this month.
ETH/BTC is holding nicely above the 200 SMA and has been accumulating at the top of the bullish gap since the 19th of this month. Basically it is sitting between resistance and support, so we need to give it some time, to show its hand. Either invert the bearish gap above, or the bullish one below.
Next week we're going to have two red folder days, which is going to bring some more 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.
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.
If you're a newbie, you may want to check out these guides:
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- How To Pump Your Reputation Fast - Newbie Guide
- Tips And Tricks & Useful Hive Tools For Newbies
- More Useful Tools On Hive - Newbie Guide
- Community List And Why It Is Important To Post In The Right Community
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- To Stake, Or Not To Stake - Newbie Guide
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- About Dust Vote And Hive Reward Pool, by libertycrypto27
