I've never done a midweek analyses, but with the recent events, it looks like a good idea to do an update today. I'm not going to focus on high time frames, although as a scalper, for me the daily is extremely high time frame, but that doesn't matter today.
On Sunday, I posted my daily chart here and marked the possible level I was looking at at the time of writing.
Today is Sunday, so there's not much volatility, this is why we have such a small candle with almost no body, but chances are for $0.2811 to be swept and if we don't get a bounce there, I'm looking at $0.2624, where we have a bullish gap that should defend price.source
This is what I wrote in my post.
Yesterday price swept $0.2811, today price swept $0.2727 too and reached the gap marked on the chart with green. The next liquidity level for $HIVE to sweep is at $0.2624, which it seems inevitable at this point. This is a key level in my eyes and this gap is meant to defend and hold price.
In case the gap can't hold price, the next level I'm looking at is $0.2214 as I mentioned in my previous post. There's a gap there on the weekly time frame.
On a more granular scale, the h4 chart shows clearly price is heading towards the liquidity resting below $0.2624 and it is inside a bullish gap, marked with green on my chart. This gap is overlapping the daily gap, which is another reason why this level has to hold if we want bullish continuation. In case this level is lost, the nest liquidity pool is at the $0.2214 level.
Purely from price action perspective, both the upside and the downside is very balanced, perfect if you're trading it, but I hope the direction price takes from here will be the upside.
There are a few factors to take into consideration today, one of which is $BTC. As I said before, there's an inside bar pattern formed on the daily chart. Price broke out of the pattern the day before yesterday, but today, at the time of writing, it is back in the range. I can't take this as valid, till the daily candle closes, but price looks pretty heavy here and chances are price is going to sweep $103,057 and retest the bullish gap marked with green on my chart.
This is a healthy move, no need to panic, but this level has to hold, if we want price to go higher. In case the $103k level is lost, next one I'm looking at on the daily time frame is the other gap below, respectively $99,168. There's no reason to speculate about that now as the current level still holds.
Another factor we have to take into consideration is, tonight, in about 90 minutes, we have FOMC, Federal Open Market Committee meeting, the last of the year as Christmas is coming and then New Year. For those of you who are not familiar with these events, manipulation starts hours before the meeting and as soon as Powell shows up the market is moving, usually both ways, taking everyone out and getting most of the traders rekt.
Unfortunately $HIVE is not immune to what the market does and it is affected by $BTC a lot, so if $BTC is going to have a sharp move today, you ca expect $HIVE to do the same.
All in all, nothing is lost. This is not how I trade, but looking at the weekly chart, I can say $HIVE is retesting support. As long as this level holds, we're fine, so no reason to panic.
Fingers crossed that Powell comes out tonight with a dovish (bullish) tone and moves the market to the upside and not the other way around.
Till then, stay safe and protect your capital.
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.
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
How much do you think the US markets effect crypto? Markets have been on a steady downturn. But then again they bounced a little today.
Quite a lot actually as every asset is paired with the US dollar and every single piece of news has an effect on all of the markets, regardless if it's the legacy market or crypto.
If I had half your knowledge on this stuff I would be a millionaire! I have just thought about playing the markets, set up accounts with MEXCC and Kraken, moved a tiny amount of hive over and thought right lets see what happens, after about an hour or so I gave up LOL we need a book "crypto for dummies"
I wish it was that easy 😁
The problem with $HIVE is low liquidity and if you are using a smaller exchange, it becomes a huge problem. The next problem is, there's only one exchange where you can trade $HIVE perp futures, and it's not the best. So for me, trading $HIVE is out of the question.
I wish it was too!!
So you just convert hive to fiat then?
I'm just holding for now. Time to convert is going to come, hopefully in the next 6 months.
That'll do!
You seem to really be good at what you do sir... Because I started following you from your last post concerning the price of hive, and it happened just exactly how you anticipated.
Great job sir 👏
I read the chart and do what the chart tells me. There was a chance this is going to happen, so I have to take it into the consideration. That is the purpose of technical analysis.
That's really great!!!