The price of HIVE is sitting right where it bounced from previously
Will history repeat?
In terms of BTC, HIVE is right were it was trading the last time it saw a sizable bounce...
Check out the 4H chart:
(Source: https://bittrex.com/Market/Index?MarketName=BTC-HIVE)
As you can see, HIVE is sitting right at the same level it was at when it saw a decent sized bounce previously.
Will history repeat?
There is no guarantee that we will see the same type of action again, but there is reason to be optimistic...
In general, the more often a price touches a support or resistance level, the weaker it becomes.
It often touches, bounces, touches, bounces, and then breaks through on the 3rd attempted touch.
One reason many traders say there is no such thing as a triple bottom.
In this case we are talking about a double bottom, which means there is a decent chance that HIVE sees at least a little bounce here.
Given everything that is going on in the broader markets it is really tough to say what HIVE will do.
My thoughts...
Bitcoin is starting to get volatile again, which often is bad for altcoins, but with the big move up to $10k, as long as it doesn't completely tank, there might be a mini altseason on a BTC pullback.
Which is more or less kind of what we are seeing today as bitcoin pulls back and alts bounce.
That being said, my personal opinion is that this is a decent spot to be picking up some HIVE, though I would also not be surprised to see it go lower in USD terms in the coming weeks depending on what happens with BTC.
We shall see.
Stay informed my friends.
-Doc