It's the first full week of the year, it's Sunday too, so it's time to look into how things stand with our assets, especially $HIVE.
On the monthly time frame, even though the candle will be closed at the end of the month, price had a bullish reaction since the candle open. At the time of writing, price is around last month's open and if it closes like this, we have the chance to get a bullish engulfing candle, but again, it's too soon to know anything at this point.
On the weekly time frame, last week ended with a doji, so the open and the close level of the candle were very close to each other. This week, so far we have a bullish candle, with a nice body, which most likely is going to be a bullish engulfing candle as well. (Go figure, it's not very difficult to engulf a doji, isn't it? 😆) There are still 9 hours till the candle close, so we can't take anything for granted yet, but as it looks like, price is going to close above the open.
Levels to watch are $0.1214 on the upside, if momentum continues and $0.0835 on the downside, which is swing low, in case there's weakness in the market.
On the daily time frame, this week price swept liquidity from the $0.1117 level, created a swing high at $0.113 and it is retesting the daily order block (OB at $0.1098) as we speak. There are around 8 hours till the candle close, so anything can happen, but if price is going to meander around this level, there's a chance we get a bearish engulfing candle.
Levels to watch on the upside are $0.113 (swing high) and the very slim bullish gap, marked with green on my chart, which should defend price. If the gap can't hold price, then the equal lows could be next, at $0.0947.
On the h4 time frame, price had an ascending path from the first day of the year, but has kind of been accumulating, or ranging since Wednesday, as we had a sideways, choppy price action since than.
At the time of writing, price is retesting the bullish gap (green on the chart). If the gap can't hold and price closes below the gap, the next lows I'm keeping an eye on are: $0.1049, $0.1043 and $0.103. All these lows are inside a bullish gap, which has already been rebalanced on the 7th of January, but it is still holding price. In case we get a bounce somewhere here and enough momentum, levels on the upside I'm looking at are $0.1114 and $0.113.
BTC had a nice move to the upside last week, but got rejected at resistance on Tuesday and retested the bullish gap two days later. Today so far we have a bullish candle, which could engulf the previous candle, but we will only know after the candle close. Levels to watch are $89,262 and $94,740 on the upside.
ETH/BTC is about to hit the bearish gap, which means internal liquidity but could also mean resistance. If price manages to close above the gap, invert it and hold, the next target level is at 0.035257. In case we get a rejection here, price could revisit 0.033928, or even lower.
Next week we have 3 red folder days, with very important data coming in, so I'll be ready for 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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