This week I was thinking, next week I can post about the yearly time frame, a chart that I've never shared here on Hive, because I started posting these analysis only this year (I think, but I'm not sure 😬). Without checking in advance, kinda have an idea how it's going to look, but let's wait till the candle close and talk after. Till then, let's see what we get today.
On the monthly time frame, even though the candle only closes in three and a half days, we still have a bearish price action. So far we have a bearish candle with a very small body. The levels to watch are still the same, all time low on the downside, at $0.0327 and the bearish gap on the upside, marked with yellow, which means internal liquidity, but also resistance. If this gap is rebalanced and inverted, meaning price manages to close above it and hold, the next levels to watch on the upside are $0.2821 and $0.3006.
The weekly candle, at the time of writing, looks a bit more promising. Last week we saw $HIVE in free fall, this week, so far, we have a bullish candle with a nice sized body, but an upside wick as long as the body as well. There are still 10 hours to go till the candle close, anything can happen, but at least we have price above the weekly open. $0.1429 is the level to watch on the upside and ATL on the downside, if there will be weakness.
On the daily time frame, price had a run to the upside today and swept liquidity till the $0.1214 level. There was not enough buying pressure to keep price at, or close to that level, so at the time of writing, $HIVE is trading at $0.1028 and we don't know where the current candle is going to close. This spike left a big upside wick, which is not easy to trade.
At the time of writing, price is slightly above the bearish gap (marked with yellow) on the chart. I don't like to speculate as market analysis is about analyzing facts, so I'm going to just say, if price manages to close above the gap and hold, that gap becomes support. If not, then it still acts like resistance. In order for a bullish OB to be confirmed, price needs to close above $0.0954. Today's candle close is important.
The h4 time frame chart looks interesting. There you have the drawing I made on the 18th (green arrow) and the second one on the 20th (purple). Price is following that rout so far, but let's see where we are at the moment.
So this morning price had a run to the upside and swept liquidity on the upside till $0.1214 and reversed. At the time of writing, price is retesting and rebalancing the big bullish gap created on the buy side, which it the top one, below there are another two. If the current gap can't hold price, there's a chance to retest the other two gaps as well. time will tell. In case we get a reversal here at some point, the swing high at $0.1214 would be my upside target and the balanced price range (BPR), which can represent resistance.
It's the end of the month, end of Q4 and end of the year as well, so trading is tricky, so be careful.
BTC has been ranging lately, yesterday price managed to close above mid-range.
ETH/BTC
After a short rally to the upside, price came back and retested the bullish gap again, that has been holding price since November, bounced off on the 18th of this month and it is below mid-range.
I'm surprised to see we have two events in the economic calendar next week.
Next week is the last week of the year, so be careful if you're trading. I personally am not, as December is the most difficult month to trade and I have no desire to end each day frustrated, because no strategy is working anymore. Patience gets rewarded in this game.
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.
Come trade with me on Bybit.
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