Good day Hiveians!
Join me in analyzing the crypto markets!
If you have followed my take on the crypto market, you know that I have been more bullish than bearish recently. But we always have to at least consider both possibilities and then make a decision to the best of our judgment. The bigger picture of Hive holds a warning signal that I want to bring attention to. When we look at Hive's fractal the bull version of it has a clear pattern (marked in the purple ovals):
Applied to the bigger context, the whole movement from early 2021 could be considered to be the same fractal:
If so, then a correction further downward seems almost inevitable. At ~35 cents this pattern hasn't completed. How low could it go? Probably 15-20 cents...
While this seems like bad news (it would be a 50%+ correction), I still feel bullish about Hive. This is because it would be the end of that fractal, unless of course we really enter the bear market at large. Then we could be heading down to to about 5 cents :// However, I don't think that we are there yet. Even if Hive comes down to 20 cents we would still be in a bull fractal (but it couldn't go any lower than that).
The other scenario is a gradual increase to about 60 cents, before taking off again.
We already saw this pattern before in March.
This whole development of course depends on bitcoin and its movement which is currently undecided. There are both good arguments for BTC going to 20k or again continuing up to 50k+. The next days should make it clear where we are heading.
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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