In these posts we will analyze the technical charts for Hive at the time of posting, usually around late morning Eastern Standard Time. We will focus on the daily and hourly charts to get early indicators and a good idea of where the market is going.
The Daily Chart is on a Buy Signal.
As suspected the rising support line did not hold and can been better seen on the hourly chart. We are still on a buy signal as a short term low has been put in place last week with a reversal pattern. The market looks like it wants to retest the low. Compared to 90 cent Hive two weeks ago, at these prices we feel safe accumulating. However some traders may want to wait for the price to come down to support at around 30 cents.
The Hourly Chart is neutral.
You can see the price tried to break away from the rising support line, but it failed and fell down through support. Since then the price is consolidating sideways and will soon break in one direction or the other. Support comes in at 30 cents, since the break to the up side just failed we suspect the price to fall towards the support area but it's very hard to tell here so we remain neutral.
Conclusion
Those very bullish fundamentally who plan to hold long term can confidently buy here, 65% off it's highs from a couple weeks ago. Those trying to trade for quick gains may want to enter a half position here or wait for the price to come down closer to support around 30 cents before entering.
Chart from: Tradingview.com