Good day Hiveians!
Join me in analyzing the crypto markets!
So if you have followed my analysis of bitcoin and Hive in the last months, you are probably aware by now of btc's upward trend and Hive's seemingly bottomless fall (which has probably ended now).
- Bitcoin's movement has changed: it has decoupled from the stock market. Notice the dotted line (October 22nd) and the stark divergence between btc and dji:
- Fractal analysis suggests a strong push towards 19-20k and a correction afterwards to about 13-14k levels. This is in line with the idea of "follow the orange line".
Take a look at 2016: price trended near the orange line there as well and broke out, but did not breach the former high at about 1140$. We are currently at a very similar point for bitcoin: A price hike to 20k would also be equivalent of about 40% (so not too much). I think this price level could be reached only in a matter of weeks. But again keep in mind that the former high was not breached and was instead met with a price correction. I expect the same thing to happen this time.
After reaching the 19-20k level, price will most likely decline to 13-14k. This again, should constitute a great buying opportunity.
Also notice the upward pointing channel we are currently in: it is a strong bullish indicator in my opinion. Additionally volume has not further declined, but instead looks like there will be more green volume bars coming up...
- Hive in the other hand should now have completed its downward fractal. I expect prices to slowly (with corrections) recover to the 20 cents level. Notice how well the fractal analysis has worked out for predicting the price so far!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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