$HIVE & $BTC Technical Analysis - 24.11.2024

This week was pretty intense for me and as always, my biggest problem was lack of time to do everything I wanted, but this is life and we do what we can. Anyway, it's time for a new analyses, so let's see what $HIVE has been up to, as well as $BTC this week.

The monthly chart is pretty simple and explicit. Even though there's one week for the candle close, the chart is looking good already. The current candle looks like what we've all been expecting. It's a nice bullish engulfing candle and should the candle close as it is now, or higher, that means bullish continuation. Price still has to close above the bearish gap and invert it, but there's one week for that to happen, so there's no reason to talk about that now.

There are around 6 hours till the weekly candle close, things can change, but as it's Sunday, without any major event announced, I doubt this candle will look much different at close.

Last week's candle closed above the bearish OB, so right now price is delivering from a bullish OB. I'm glad $HIVE has finally made a move to the upside, but as things are never as nice as we would want, this chart has some things I don't like. Those long upside wicks are not something you want to see, especially on high time frame.

At the time of writing, the two bearish FVG's are capping the market. The funny thing is, that both have been rebalanced, but none of them inverted. Next week we'll see if this candle can close above the FVG, but I highly doubt it.

The lower the timeframe, the uglier the chart gets. Again, those wicks are crazy and it's not something you want o see when trading, unless you want to take profit. In this case, low liquidity mixed high volume makes this and if you go to a lower timefram, you'll see who's buying.

I have two gaps drawn on the chart, but the second one, close to where price is now, is not valid until the actual candle closes, in about 6 hours. Should price close like this, we can have a valid gap, which will have the chance to be retested. Or not, as the other gap, situated lower has not been retested either.

No one knows what's going to happen, but the downside looks amazing, full of untapped liquidity and would be glad to short it, but you can't short $HIVE on Binance and in these market conditions shorting is extremely risky, unless it's scalping on very low timeframes.

Anyway, the nest liquidity pools to the upside are the ones I marked on the chart, respectively $0.33, $0.348 and above.

I'm really curious to see how $HIVE is going to behave from now on. Many of the alts are taking off, making parabolic moves already, although $BTC is not done yet. $HIVE still has room for a 10x from where it is now.

I didn't want to over complicate the $BTC chart. We have the previous ATH, the new ATH and a gap that is being retested as we speak. We had a slight pullback during this weekend, which is not over yet.

All I can say, if this bullish fair value gap can not hold price, the next level to be retested is the level of the order block (OB).

It's difficult to anticipate what will happen in the upcoming weeks, but $BTC is going to make a new ATH, hitting $100k next week is almost certain. After that ... up only. Ok, the last sentence was a joke, as we all know there's no such thing as up only, because there are pullbacks, corrections and so on.

I hope next week $HIVE's price action will be a bit different. I want to see big bodied candles, bullish candles if possible and not big upside wicks. Is it possible? We'll see.

Stay safe people, be smart 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.

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