Good day Hiveians!
Join me in analyzing the crypto markets!
I have been talking about the 2-3$ range for Hive for the last several months
But since last week it is once again clear that Hive is capable of crazy moves, doubling in mere minutes and halving in just a couple of days.
The return to 70 cents was no surprise to anyone familiar with Hive's fractal, but it is brutal to see. The positive note here is, however, that we should now have support at this range. It took two attempts to get here and now with some support we should be ready for more sustainable highs.
Let's start off with some forecasts that I did some months ago. In June I gave this possible scenario:
I expected a more gradual push up to these highs, but all in all it seems not too far off to the actual price movement. As time moved on I argued for two most likely scenarios. A more bearish correction down to the "main support" and a more bullish one challenging the "main resistance".
The market seems to have decided for the bullish scenario with last week reaching to 1.5$. I think this push toward 2-3$ could happen relatively soon (mere days to weeks), but it should be a more sustainable move (in other words, we should see candles instead of whisks in the weekly chart going to 2-3$).
However, I think a 2x-3x would probably see a correction once more down to the 1$ range as Hive is just way too volatile to stay up there short term. For this reason I think something like this could be reasonable (notice the trend lines in blue and green which are guiding the price upwards):
You can see that the former "main resistance" would then have shifted to a "secondary resistance" as there should be more room for higher highs.
An interesting picture also emerges from the Hive/BTC chart:
We can see the typical 3 wave patttern which seems to be repeating once again. These are very similar movements to some months ago and, but it will probably work out differently this time. Could we see a break out to the top? Or once again a return to the previous base trend line on the bottom?
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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