Attention: You should know that I am not your Financial Advisor. In all your financial or commercial actions, you should seek the advice of qualified professionals to ensure that you are doing what is best for you!
Daily analysis 02/07/2022
Our beloved Hive presents a range in the price action throughout the day 7, oscillating mainly around the S1 of the value 0.618 fibo in the 2H visual (price 1.2068), with the EMA20 being its main resistance along the way. According to DMI, the predominant force has been bullish with low volatility, which accompanies the global momentum of the crypto market (bullish) according to the top 10 leading coins by market capitalization (in Coinmarketcap) (Source)
Projection for 02/08/2022 (Daily Visual)
The hive price is in bearish compression as it is locked between the EMA20 and the EMA50. Although on 02/06/2022 the price tried to overcome the EMA50, it was an unachieved objective which the price continue to search for. Also, the volume profile doesn't help the price much as it doesn't have significant liquidity beyond $1.63 and includes that it averages $0.82.
My personal invitations to make market entries were as follows: (current price of hive at $1.21 at the time of this analysis - 21:58 UTC-4)
If the price rises to the EMA50 ($1.28 on average) and rejects it to the downside, a short entry would be in order.
If the price breaks above the EMA50 ($1.28 on average) and bounces off it to move higher, a long entry would be appropriate.
Attention: In every entry you make, the route must be monitored by you so that you can determine your exit and take profit. Never forget the Stop Loss for each of your trades.
Support and resistance determined by fibo values respectively (0.382, 0.618, 1.382, 1.618):
R2: $1.3378
R1: $1.3081
S1: $1.2119
S2: $1.1822
I wish you the best of success in your operations and thank you very much for reading me! Until next time!
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