Today we got gifted one hour, so I'm using this gift to drop my post before noon, so I can use the afternoon for studying, which I've kind of neglected lately for various reasons. It's not procrastination or laziness, it's more like prioritizing other things, but that ends now.
So let's get to it and see where we are with $HIVE, $BTC and ETH/BTC today, let's see how price was able to recover, or not.
Next week is going to be the last week of October, which means we're going to get the monthly candle close on Friday. At the time of writing, $HIVE is trading pretty much at the same level as last week, so nothing much changed. It is still below the monthly open and below the bullish gap as well. As I mentioned in my previous post, if price closes below the bullish gap, that gap becomes strong resistance.
The weekly time frame shows a bearish price action (PA). On the sell side we have a huge bearish gap, left by the crash happened three weeks ago. For bullish continuation, we need price to get back above the gap, marked with yellow on my chart and hold that level. There's another bearish gap on the leg down, a slim one, which I hope it won't act as resistance and price can invert it easily, in which case the wing high to be swept is at $0.2151. If we get more weakness, ATL is next at $0.0327.
On the daily time frame, price has been consolidating, or going sideways since the big drop, which is normal and expected as well. Compared to the weekly time frame, here on the daily, we have an even bigger gap, that was partially rebalanced on Monday, but rejected price. At the time of writing, price is below the gap and trading sideways due to low liquidity, no volatility. We need to wait till tomorrow, for the market to show its hand. The levels I'd be watching on the downside is $0.1279 and if we get a reversal, on the upside I'd pay attention to the two relative equal high levels (EQH) at $0.1457 and $0.1567. For bullish continuation, price needs to close above $0.1785 and hold.
On a more granular scale, the h4 time frame chart shows price is having an attempt at rebalancing the gap above the current level, which has been capping the market since Tuesday. A little more patience is needed to see where prince wants to go from here.
On the downside, I'd look at $0.1295 and ultimately $0.1279 to be swept, if we get more weakness. In case we get a bounce, $0.1392 is next on the upside and if price manages to catch some momentum, invert the current gap and hold that level, I'd be looking at $0.1466 to be swept.
$BTC is trying to get back to the upper range, so today's candle close is important and will be interesting as well. In case price manages to reclaim $111,968, which means close above and hold, the next level I'm watching is $114,000.
ETH/BTC took a hit as well, but compared to other assets, it's holding nicely, or should I say, the bullish gap is still holding price. Levels to watch on the downside is 0.03476 and if we get a little bit of momentum, price can sweep 0.0037129 and continue to the upside.
This week on Friday, we got some economic data, despite the shutdown. Next week we should have more data, so be careful on Wednesday, Thursday and Friday, expect 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.
Come trade with me on Bybit.
If you're a newbie, you may want to check out these guides:
- Communities Explained - Newbie Guide
- Cross Posting And Reposting Explained, Using PeakD
- Hive Is Not For Me
- 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
- Witnesses And Proposals Explained - Newbie Guide
- To Stake, Or Not To Stake - Newbie Guide
- Tags And Tagging - Newbie Guide
- Newbie Expectations And Reality
- About Dust Vote And Hive Reward Pool, by libertycrypto27
Good luck with your studies! 📚 Hope $HIVE shows some love next week! 😉
Thank you.
We trade both ways, so as long as there's volatility, there's an opportunity to make money, regardless which way.
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Thanks for sharing @erikah friend!
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Ah there are my levels that bring it from a guess to an educated guess! I hedged in at 109k btc in hopes of catching a 10% scalp so I am hoping for a spike to 121k then a drop to do it all again.
For hive, I am just buying in chunks at this level. If it does drop, I will just miss the real bargain but I know it is gonna rebound well over .20 at some point. I will be happy when I look at the value of my stake then!