Hive has been on the rise in the last several days along with the rest of the crypto markets. It has a similar shorter term pattern as Bitcoin and other large cap cryptos are showing. There is allot of bullish strength showing in the short and long term views.
As in the chart above you see we are watching a few lines of support and resistance. The overall uptrend is strong and looks as if we can continue on with the bullish trend, but not without some pull backs along the way.
Keeping A Couple Of Options In Mind on the Daily
On the daily time frame, you can see the levels we are watching and the couple of different options that we see possibly playing out.
Option 1 is the real bullish case, where we break above current levels to around $1.30-1.35 per Hive then back to the current levels as support. We could then channel in this zone for a bit before breaking out above the $1.30-1.35 target levels and moving up beyond that.
Option 2, still bullish, but a bit more realistic based on the RSI currently hitting the overbought range. This finds Hive topping out around current levels on the short term, retracing to around 1.00 and back up and channeling from there before breaking out above the 1.16 range and extending beyond.
Looking At The 4HR Time Frame
On the shorter term time frame, using the 4 hour candles, you can see that Hive is well in that overbought range, even on the 14 period moving average of the RSI, the yellow line on the bottom indicator... With that being in the overbought range, you can for sure be looking for a possible retracement in the short term. So looking at that Option 2 above...
Looking Long Term On The Weekly
When we zoom out to the weekly time frame, we see an interesting, bullish pattern forming. This is a text book Adam and Eve double bottom! When you have the sharp capitulation bottom then the short pump followed by the rounded bottom, that forms a higher low, you can see some really strong pull to the upside. That is a very strong indication that the longer term trend is changing at that we could be moving to the upside in a big way.
In Conclusion
We are super bullish on Hive in the short and long term. Not only because of the technicals it is showing, but also in the fundamentals. It is one of the most solid blockchains and overall communities in crypto. Well that's because it is based on community! With everything being built and the focus on the future, there is no stopping Hive!
Nothing we say is financial advise.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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Posted from my blog with Exxp : https://coin-logic.com/a-technical-look-at-the-hive-charts/