Happy New Year, dear members of LeoFinance!
Be wealthy and stay healthy throughout the whole year 2022!
Today is the first day of the new year 2022 that's why let us start the new year with the price chart of our beloved cryptocurrency HIVE!
So, in the monthly time frame (MN), HIVE/USD formed a big bearish candlestick in December after the solid bullish candlestick for November:
However, I consider this just as a correction because the sequence of candlesticks with ascending local lows continues - a clear signal that the uptrend remains in place.
Next, let me remind you that in the weekly time frame (1W), a week ago, HIVE/USD formed a Bullish Engulfing - a common bullish/or trend reversal candlestick formation that usually occurs at the end of a correction:
However, for the current week, which is going to end in one day a bearish candlestick is forming. That's why we have to be very cautious. Luckily, as of now, this bearish candlestick is still smaller than the previous bullish candlestick and has a local high and local low above the previous ones, respectively. Let's hope that till the end of the week the situation improves.
If we look at the daily chart (1D) of HIVE/USD, we can see that the uptrend continues - all three key Moving Averages (MAs), namely, the 30-day MA (MA 30), the 90-day MA (MA 90), and the 360-day MA (MA 360) are heading upwards:
Moreover, the bullish distribution of the three key MAs remains in place - MA 30 is a the top, MA 90 is in the middle, and MA 360 is at the bottom. However, short-term, we have to be very careful - the price of HIVE has remained below MA 30 - a signal that the bearish pressure continues. Let's hope that in the next couple of weeks the bulls push the price above MA 30.
Fellow Hivers, I hope that 2022 is also very positive and prosperous for the HIVE ecosystem! So, All Time HIVE and HODL!
To be continued ...
As of the time of writing, one HIVE costs $ on the Bitstamp crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years and a half years, and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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