I have picked up a new hobby: drawing triangles. Hehe.
Jokes aside, I've taken interest with technical analysis recently, and I noticed some interesting patterns with HIVE.
So, on a daily HIVE/USD chart we see that HIVE has been on a nice upward trend since July this year and it has spiked above $1 multiple times but not managing to stay above longer than a day. This time's different though and now we've managed to stay above that big unit bias $1 line to day two. Now we have a chance that the $1 will become new support.
24 hour trading volume has been a massive $167M with HIVE/KRW pair on Upbit. I don't know what is with Koreans, but they loved to pump Steem, and now also HIVE. Binance has picked up today though with $67M in trading volume just in HIVE/USDT.
Interesting thing is that this is happening when Bitcoin and other alts are going down.
In the quest to look for some more triangles. We can find another from the recent price action when changing into 4 hour chart.
Another triangle above the long term triangle's resistance line = up? Well, it seems like the $1 line could become a new price floor having tested it once. And if the price breaks to the upside, it seems very bullish to me. Keeping an close eye on that. I have an SPS unstaking scheduled exactly for this evening, so I might trade some of that into HIVE if the price breaks above. We might be on the cusp to some new price discovery. Maybe an ATH even, which isn't far at $1.48. But don't sell your house and take a loan to buy HIVE based on this. It's triangles after all.
