I don't always do charts, but when I do, they have triple bottoms. I'm joking, obviously. I do charts from time to time, just be aware that these are just ramblings, they are not by any chance financial advice, and you should do your own research before investing in something, especially something so volatile as crypto currencies.
With that being said, let's have a look at these triple bottoms.
I'm using the 4 hours chart because, historically, this proved to be the most accurate. We're also looking at a specific moment of the market which spanned less than a month - I'm talking about the most recent HIVE pump - so using the daily might be a bit misleading, too little information.
As you can see, after the parabolic surge to 5806 satoshis, HIVE corrected back to 3700 satoshis (roughly $2 at the average BTC / USD price). Then it took another attempt, up to 4700 satoshis, only to correct down again, this time slower. Eventually, it rallied again and reached 5283 satoshis. And it's churning down slowly ever since, now hovering at 3700.
By the looks of it, 3700 seems to be the new long term support. It's a level which has been tested three times during the last 2 weeks and, as we all know, if the price can't go into one direction, it will go into the other. Or it will chop sideways (which, to be honest, would be preferable for me - I'd love to see HIVE trading consistently, without any jumps, at 3700 satoshis, no matter how much that would mean in USD).
But, here-here, tomorrow it's Saturday. And the day after that it's Sunday and, please pay attention, it's December 5th. To understand what I'm saying, we have to go back to the weekend HIVE pumps that preceded the mega-one that we're still experiencing. During the last few months, some weekends were the playground for somebody to take HIVE for a spin. It was more of a pump and dump situation, with price consistently going back to $0.8, after "modest" surges to $1.5-$1.8.
These pumps happened always in the first days of the month, which made me believe we will experience a Santa pump, as I wrote exactly 28 days ago.
By my calculations, this is the weekend we've been waiting for.
So, on one side we have a very strong level, 3700 satoshis, which, if broken, could mean HIVE will go down like a hot knife through butter. And on the other, we have some recurrence that means we should expect some upwards action in the next couple of days. Add to the mix the uncertainty in BTC, which is also hitting 53k support, but not going above 59k (which will confirm a breakout, and potential new top).
So, I see only one real question here: is the group which brought HIVE at 5800 satoshis the same with the one that was playing around in the first days of the month? If yes, they might be tired already. If not, then we might see some compound forces joining and a new ATH.
Again, this is not financial advice, and, to be honest, I give more chances to a downwards move, the way I see the charts. I just wrote this article as a follow-up to my Santa pump post.