Good day Hiveians!
Join me in analyzing the crypto markets!
Almost 3 weeks ago I cautioned about a coming low for Hive at around 16 cents
With this now being confirmed I think that the correction for Hive is done. We saw a whopping 85% correction (!) from the ATH earlier this year. Although I think that bitcoin and the entire market could see another drop of about 30-50% in the next weeks, Hive could even then stay above the low of 16 cents. But we could come close to it again before finally having another "lift off".
Today we already started to see things change with Hive up by ~30%. Long term I think that this pattern is playing out:
We should have completed 2 (or soon will), and from then onwards prices should on average start to rise again. I propose that the whole bull fractal for Hive is seen in its very start. When the fractal changed from bear to bull at the beginning of this year we could see the first bull fractal seen here in the ellipse. I believe that this pattern could be a good predictor for the coming months. You can see that after the "2" we saw a gradual increase (alothough with high volatility) to "3". This last peak could occur in 2022 with the whole market shifting to a bull cycle top in that year.
If so, the current outlook would look something like this:
You can see a very wide channel (as there will be high volatility) gradually increasing from an average of 30 cents to 85 cents at the end of this year. Currently, I think that this will continue until about spring when we could see a price explosion to about 2-3$ (corresponding to the previous fibonacci ratios). This may or may not be the top. Now that the market's top might occur later than anticipated this could leave room for further upward movement. It is quite likely that we will see a double top.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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