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Hive is "pumpin' and dumpin'" once more
Just several days ago we talked about a $5-$10 Hive in the near future. For those who haven't seen my outlook, it looks something like this:
I am expecting a three wave structure which is something I see for the whole crpyto market in general this year. We are already well on the outlined path in this chart with the next stop being the "tertiary resistance" at around $1.2-$1.7.
But in this post I want to again look at the fractal of Hive in a close up as the similarities of them are just too interesting to dismiss.
In a "Micro analysis for Hive" I already had a more detailed look for Hive which has not quite played out as expected. I argued that the smaller fractal was going to be played out in the larger as well as seen in the two ovals here:
We all know now that the "opposite" happened. Hive crashed to 73 cents. Ouch! But does that mean this analysis is completely off track? The problem with fractal analysis is that it can be hard to know where in the fractal we are. The two ovals clearly are factals of one another; the similarities are numerous. But it was impossible to know if the fractal concluded at about $1.2 or at $0.7 as we actually got. The point is that this is actually not so important! As the shape might still play out. So, the path in the chart above could actually play out as follows:
A close up of the movement to the big crescendo to $3.4 is also noteworthy. We can see it here:
Currently the movement looks like this:
Note the shape in which these pumps and dumps happen. They are virtually identical as is the volume in which it is being traded. I added a possible path if price continues to spike. We can make an easy prediction: Price will probably spike to $1.4-$1.6 where it will encounter a resistance in form of a trend line. Prices could then "crash" back to ~$1.1. The important thing here is that prices could "stabilize" in an upward volatility just like what we saw some months ago.
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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