Timeframe 1 day, BINANCE exchange
This is a description of the local situation and options for working on it. To understand the global situation, you need to look at the corresponding chart.
Technically, the price went under the rising trend line, which was quite expected in the summer of 2022. Correction from the peak of 2021 is about 92%, 1 year has passed. The entire area with green fill is the squeeze zone (probability). Therefore, if you plan to make additional purchases on this instrument, you should consider options at lower levels. Since November 9, a horizontal channel has emerged, the liquid zone is 13-15%, the illiquid zone is 20-22%, and the intensity is very high. I doubt that the quote will stay in these values for a long time, it is more likely to go down or up. The market in my opinion is in the stage of turbulence. The important zones from which the impulsive movement can start are marked with red ellipses.
When going down, there is an abyss under the $0.28 zone, the next support zone is in the $0.2 area, then 0.16 and 0.1. this scenario will be realized if the game with the collapse of the exchanges continues, like what was on FTX, there are enough applicants. Also if the card is played (bankruptcy or other problems, real or imagined) for Grayscale and increased regulation on a global scale (the trend is quite concrete and real).
A positive scenario and going up - first, a return to the global uptrend, and then a breakdown of the downtrend, a breakthrough of the latter and consolidation above will mean a change in the local trend and a trip to the goals indicated in the global trading idea. This scenario, in my opinion, is more likely and it is quite possible that through a dump somewhere around $0.16 that will be a good opportunity. If we assume growth from current values, then the breakdown of the downtrend may already be somewhere in the region of $0.5-0.55, from the current it is an increase of 40-50%, which is a trifle for the cryptocurrency market and can happen in 1 hour ).
A few more points about this tool:
- HIVE runs on DPoS consensus. Withdrawing coins from staking takes 3 months at 1/13 every week! With a pump, it will not be possible to sell a huge amount of locked coins, and as you know, pumps rarely last 3 months.
- The price is controlled by very smart and not ordinary people, this can be seen from the global chart and the numbers on the chart and not only ;).
- The project has a strong and very diverse community.
- There is development - the constant introduction of new services, separate branches of the project, such as social platforms, work in parallel.
The only tangible problem for the project as a whole is marketing, which may play a role in the future.
Most of all, the outcome of this situation will depend on the behavior of the stock market, in particular the S & P500 index, since BTC correlates with it, but all other altcoins correlate with bitcoin. So far, everything points to a negative scenario, but the bear market has been going on for quite a long time, more than a year. And market reversals occur most often when the majority no longer hopes for it.
The original trading idea on the tradingview service in Russian is available at the link.