Good day Hiveians!
Join me in analyzing the crypto markets!
Hive is climbing the ladder and is now at 1.4$
Last week we had a closer look at Hive's fractal and how it relates to it's market movements. We identified the fractal from March-April (marked in the white oval) and how this could be the blueprint for the current movement. If so, we argued that we should get a pattern similar to this:
Since then Hive has continued its volatile movement upwards and is right on track to the target of about 2.4-3.5$ In fact, the movement has been even steeper than anticipated. However, I think there will continue to be strong corrections of about 10-15% as we climb this ladder.
As you can see from the chart I am expecting at least two things:
- An end of this impulse wave and a beginning of a correction wave (green and red areas)
- A peak between 2.4 and 3.5$
The first point is clear: gains are always followed by losses (and vice versa). Their length is unclear and depends on the bigger macro movement. I think the corrective phase could be shorter than shown in this chart. Secondly, the mentioned peak is relatively clear since it coincides to the top trend lines as well as a fib retracement coming from the last subwave.
A larger picture leeaves us with this:
Hive is currently trading in an upward channel which should accumulate in the previous mentioned range. I would then expect a larger correction of about 40-60% bringing the price down to about 1.6$ - 1.3$. Predicting price beyond this gets difficult: it could be a sideways movement or a further correction to 1$. Since the crypto market should peak at around the middle of the year 2022, Hive could go up to the main resistance which should be at around 6-10$.
Hive is getting a lot of attention recently with all of the developments taking place; now is a great time to accumulate! :)
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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