We're getting close to the end of February, we have 5 more days to go, plus what is left of this day. It's Sunday, so let's see what the chart says for $HIVE.
The monthly chart, even though it's not one I like, still looks bullish. Again, please remember, the current candle is not closed yet, it'll be closed at the end of the month, but so far we have a bearish engulfing candle with a long downside wick. It's kind of normal if you ask me, as we had three bullish monthly candle. The long downside wick shows buyers stepped in and pushed price higher, so this is a good sign as we mostly have huge upside wicks, which means exactly the opposite and it's not good for price. We'll know more next week, after this candle is closed, but so far the situation is not bad.
The weekly chart shows sideways price action for the third week in a row. In other words there's there's indecision as we had two doji candles the past two weeks, with very small bodies. This week's candle is not closed yet, there is 10 hours to go till the candle close, and even if the current candle's body is bullish, it's still very small and can't tell us what price wants, where it wants to go.
In case price loses the current level, the next liquidity pool on the downside is at the swing low, at $0.25. On the upside, I'm looking at $0.6896, but there's a long road till there.
The daily chart, even though it shows the sideways price action, looks juicy to me and for any liquidity hunter. Most, if not all the candles for the past 12 days have small bodies and wicks too, so price took its time for sure. At the time of writing, there are still nine and a half hours till the candle close, but so far it seems we're getting a bearish candle.
The daily order block (OB) is marked with green on the chart. Closing above the OB would mean bullish continuation, but as you can see, the OB is capping the market at the time of writing as it has rejected price so many times already.
As a scalper, I would love to short this as the buy side till $0.2831 is low resistance liquidity, so I would not be surprised to see a sweep of the wick at $0.2831.
Should price close above and hold the OB level, the next liquidity pool I'm looking at is at $0.3663.
The h4 chart looks as lovely as the daily, for a scalper, because of the balanced price action. There are wicks on both directions, but no gaps to stop price. This is what happens, when price is slow. You can look at it as local consolidation if you like.
Also worth mentioning that the FUD caused by the ByBit hack had little or no effect on $HIVE. It's not a surprise as $HIVE is not such a liquid asset.
In terms of expectations, I marked a few levels to watch on both directions. On the upside we have relative equal highs (EQH) at $0.3663, which usually drives price like a magnet, but in case price gets heavy, I'm looking at $0.3199, $0.3145, $0.3041, or the levels below these. Probably next week we're going to have some indication where price wants to go.
$BTC has had a similar price action, but maybe for a longer period and with a bit more volatility, but in general it's been sideways for more than two weeks now, consolidating mostly below midrange and it finds itself below the inside bar low at the time of writing.
The daily candle is not closed yet, there are still 7 hours to go till the candle close, but so far we got a bearish engulfing candle.
Right now the chance for price to sweep $94,833 is pretty high in my opinion and maybe $93,318 as well, then bounce, but we'll see. In case of a reversal, I'm looking at $99,454 to be swept.
As far as the economic calendar is concerned, next week we have three red folder days. Monday and Wednesday is free.
Remember, technical analysis is not about forecasting the 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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