Good day Hiveians!
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I don't want to say I told you so
But 2 weeks ago I told you so. I cautioned that Hive was just one dump away from bear market territory. And yesterday we got the seemingly impossible: HIVE makes a new lower low in a so called "bull market"! Call it intuition or over half a decade of TA, but it became increasingly clear to me that Hive had not finished its bear. In my last post I gave you this chart which is currently completely on spot.
@edicted rightly pointed out that there was a support line missing in this chart:
But it has been completely demolished as can be seen in the chart below.
So what now?
Time to panic? Nope, we just ride it out like always. You probably saw in the chart what I am expecting to happen, so let's quickly dive into that. Why do I have the bottom at around 15 cents?
It's all got to do with the wick from 2021 which took price back down to 16 cents. It was a brutal correction and over the years this has stood out to me in my TA. For me it makes sense that a bear only finishes once price goes under the correction from a "B" wave in an impulse wave (i.e. the bull market). But I think there is room from the candle close to that wick: price could bottom out anywhere from 15-22 cents (see black lines).
The good news
I think there is a very high probability for Hive to finally enter into the bull mode once we finish this real bear market correction. It essentially suggests that Hive has a different cycle mode than most coins: Hive falls for 3 years (yikes), and then there is one year of crazy green.
If we take the movement from last time (up from 9 cents to $3.4) we could end up with a movement taking us from around 15 cents to around $4-5.
Sounds crazy? Well if someone would have said Hive would fall back to the teens when we were at above $3 that would have sounded crazy too... We have one more chance and it should start in fall of this year. Fingers crossed.
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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