It seems this bear 🐻 market isn't going away soon and it has been over a year being in constant red in the crypto market. Literally, the whole of 2022 was bloody and every single crypto out there got their fair share of the dump. Some showing -96% from their ATH, others showing even lower (like -97% and -98% respectively). For #HIVE, it has been a roller coaster since our ATH in 2021 at around $3.45. At the time of writing, #Hive is trading at around $0.376😢. The bear market has been a slogging match. This only points to a single fact in the chart- The 2022 bear market is like a mirror image of that of 2015. Technically following almost every step in 2015, one can deduce that the next bull market would me meteoric, giving a parabolic rise when it starts. In this post I'm just going to focus on the facts in the chart and point to what the chart is saying about the month of June. Note: This is not a financial advise, it's just for educational purpose alone. I'm not a financial advisor.
The major point of this post is definitely showing that we might have one last leg down before getting out of this long bear market.
On the weekly chart. #Hive ain't looking good. We're technically at a strong support level which has been held many times in the past. bouncing from this level is at a 0.65 probability because of the strong support. Even the Stochastic RSI is showing the same. If it breaks down, the next support level is at around $0.29-0.31 which also a very strong support seeing that this level is significant even in the last bear market- We broke it at February 2021 and Hive literally did a x10 from this point🙂.
If the market decide to shit on everyone one last time, I think we can go that low, consolidate for some months, then break up after #BTC halving.
On the monthly, it's almost the same. Only that the Stochastic RSI is trying to cross back down. Note: Whenever the blue line is above the red 🔴, it signals a bull or pump season😂 but whenever the red is above the blue line, it's bloodbath. We wouldn't want a cross here cus we would be low for at least 3-4 months😢. It would be a good time to load your bags anyway🙂. The confirmation of this cross happens at the end of the month of May... Let's keep our eyes pealed on the chart.
Also note that the longer the bear market, the more parabolic the bull market. Stay safe out there guys. I'll catch you on the next one🙂