I am feeling very happy after a long time seeing the recovery of the #hive coin. It felt very good that Hive and all other altcoins have started to pump. It looks like money flow is shifting towards altcoins. The big reason is that when Bitcoin pumps or dumps the altcoins go up which is a good sign for alts.
Right now while writing, the price of #Bitcoin is $106500 which has risen 4% while the altcoins have pumped more than 15%. In just one day the price of #hive has increased a good amount which is a good thing.
Surely this is a market correction and its happening was very necessary. Any market without correction is considered to be a weak market. When the market moves in one direction without correction that is actually manipulation but when the market takes correction and continues the trend then it becomes a strong trend.
In the same way we are seeing that #Bitcoin has tested its strong support level and has held it well. This is such a level from where the next trend of the market will be understood. If it holds this level and stays on this support then we can see a good move in altcoins.
The big reason is that investors have started taking out money from #Bitcoin and are shifting into altcoins. Money flow shift happens like this when investment is taken out from Bitcoin and moved into altcoins to make a good profit during the bull run. We are hopefully in the last phase of bull run and it is expected that alts will perform in this quarter which will last only for few months.
BTC Dominance..
Another good thing that after a long time BTC dominance is decreasing which shows that investment is going into altcoins. As you can see in the trading view chart an upward trend was formed and now this trend is breaking. If this trend breaks down then we may see more pump in altcoins.
Bitcoin Strong Support Level
In the same way if we see the 1D chart of #Bitcoin there is good support at the $100K level and it has faced rejection many times. This is good news. Now we want Bitcoin to neither go up nor go down but stay stable at this level. This can increase the price of altcoins more.
HIVE Rises 13%
In the same way if we see the chart of hive then according to the 15 minute time frame, it makes a bullish pattern, it has pumped 13% in just one day. After a long time we have seen such a good pump. If dominance keeps going down then the price of altcoins including #hive can increase more.
My hope is that from here the market will recover again and the chance of price increase is more. News about the market is good like FED rate cut, USA and China trade war easing, decrease in global war etc which are positive news that can give a good move to the market.
I hope you guys will like this post and is interesting as well. If you find it informative then dont forget to give me a support. Share you reviews in the comment section below. Those who will interact will get my 100% upvotes. My staking is increasing. Thank you all for your time reading the content.
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