Dear Hive Fellows,
This is my Hivelog # 02 in which I am sharing my view about the probabilities of Hive price in coming weeks. This will based on Technical analysis and I will be breaking down my analysis from Daily Time frame to 1 hour time frame and will discuss the potential trade ideas.
There is a difference between crypto investor and crypto trader. I am more of a trader than investor because I like to feel good by taking the profit in my pocket. About hive, I am doing both because there is potential of getting profit in both ways. Everyone is predicting that Hive price is going to get higher so holding some hive is not a bad idea. At the same time, I will be seeing on charts and will show you if we can take advantage of the price movements in trading.
Daily Hive Chart
This is hive chart on daily time frame and it looks so beautiful because we can easily get the trade mark cup and handle pattern which will take the price to $3 which I feel is the next stop because there is lots of liquidity and there has to be good distribution before we see another good movement.
I see no major resistance or liquidity that has to be taken on the way to $3 and we can have a great parabola in 2 or 3 weeks. Just a little liquidity is around $1.93 area and it will be taken easily if bitcoin do not mess up the game. Apart from this little hindrance, I can't see anything that can stop the price from retesting the above liquidity level at $3.
4 Hour Hive Chart
This 4 hour chart is looking even better than the daily time frame because I can see a clear market structure break and when it happens we are getting the reversal most of the time. As you can see, I have highlighted the area of market structure broken around 1.57$ area which is don by a clear bullish candle.
Now, we have to see if price can reach the next liquidity level which is $3 and I can see that it is very much possible because there is not major resistance on the way to that level. We will see the price making some impulsive moves and pullbacks which is very natural as I have highlighted by the zig zag black lines. Now, it does not mean that price will exactly follow this pattern but it can go around these lines, the general idea will remain same.
1 Hour Hive Chart
This is 1 hour chart of Hive and we can see that the resistance is broken clearly and price is now making a very good Break-Retest-Break patterns which is a bullish price action. I can see price is making very nice impulsive moves and then pullbacks as shown by the black lines in the chart.
There is good probability that price will keep repeating this break and retest pattern and it will be good for small trades specially if you are doing margin trading. Just take the profit when impulsive move happens and then wait for the pull back. You can buy on the next pull back which will be cheaper and then again take profit on the next impulsive move. This is the way I like to take those small profits and literally it adds up to make a decent amount at end of the month.
To conclude my Hivelog, I would say that all the technical charts from Daily to 1 hour are indicating bullish momentum and hive price can reach $3 easily. It can make new ATH as well but it will take some Bulls to knock over the Bears which will be waiting at $3 mark. I know that we all are very optimistic about Hive creating new ATH but we have to depend on Bitcoin as well because it is very important that bitcoin keep the momentum up. If we don't see any dump in Bitcoin, then we are definitely gonna have some good moves in next month.
Disclaimer
This is not a financial advice because trading is all about the probabilities and this hivelog should be taken as educational insights into Crypto Market.
