Hive Weekly
Good evening everyone. Keeping this one short and to the point.
Taking a look at the Hive's Weekly Chart to see what it is doing as opposed to all the internal markets wishful news going on in Hive. And it's not looking good. Hiveizens will probably not like what I have to say here but it's the pink elephant in the room and it has to be addressed.
Long story short, cutting right to the punchline, Market structure is testing IF there is even a floor here. There is absolutely no signs of support to keep this from going further below. Price is barely holding on to at this level.
The multi year downtrend doesn't show any signs of stopping or reversing at this time. No accumulated stage is forming here. Not any type of quiet before the storm, no hidden strengths from buyers. Nothing. Just a continuation of distribution on a bearish arena.
Lower highs, lower lows, price below the 50 and 200 and the 50 below the 200. 200 sloping down with price last tested and rejected at $0.17. That .17 line was the last meaningful weekly shelf for any hope. Once it broke and failed to reclaim, a continuation of bearish momentum was the only logical and highest probability outcome.
Since then there has not been any impulse of any kind to push higher. Hive is drifting.
What could actually change this?
Hive is in desperate need of structural change. Not more optimistic readings or oversold signals.
Price needs to reclaim .17 and hold it as support and build above it, new weekly higher lows. Meaning it needs to stop making more lower lows. Until that happens there is no bullish case to anticipate here.
The hard reality
Markets never reverse because people get tired of bleeding out the price. They reverse when structure changes and right now the bearish structure has not changed. That's just what the chart is saying as I look at this objectively.
Until then, it is what it is.
This concludes my chart observation.
If you appreciate structure-based analysis with no hopium, you can support the work below.
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