Good day Hiveians!
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Since the big crash some days ago Hive has performed quite well
In the last post "Hive: Entering the Next Impulse Wave?" we talked about this scenario. The basic idea is that Hive has completed its corrective phase which was from its ATH at $3.4 to 34 cents (a drop of 90%!) and that after such a correction Hive is once again entering an impulse wave which is an upward movement with some corrections (they can be big, but the general movement is up).
If so, we could expect a strong upwards push over the next several months, perhaps even taking us to a new ATH (although that is still unclear). What is clear is that we have established a new ascending channel in which I would expect Hive to move in over the next few years (!). If you look at the lower and upper boundaries you can see that the top price is somewhat modest with a max of $4-5 in 2023 and a lower target of about 60 cents. But that would be pretty great as anything above $2-3 is amazing for Hive.
If we draw fib channels for the last two subwaves we might get a better idea where things could be heading. We already get a good confirmation of their similarities by seeing that both of the mega corrections had a wick down to the red/grey area with the weekly candle also having a low at the yellow/red transition. With two confirmations, we can speculate that a roughly similar pattern could emerge for the following weeks as well. If so, price could go up to the green/blue transition at around $1 before heading back down all the way to the yellow/red transition (at 53 cents).
But I think it won't be quite that extreme. The reason: we still have a trend line for the previous subwave which is important (it's the narrow blue trend line in the middle). This trend line will very likely prove a resistance to the current upward push which means that price will probably "only" go to the 80-90 cents area. We also see the horizontal divide which will first act as a resistance, but could if breached act once more as a support. If so, prices could instead head back to it which would be at around 60 cents (so a bit higher).
This is how it could play out:
If there is not another major crash with Bitcoin, we can expect the upward push to continue from the lows of perhaps 60 cents. If so, we should be sustainably above $1 again at around September onward.
Another favorable sign for this potential positive price development is coming from the Hive/BTC chart. Although we broke downwards briefly from the major horizontal weekly supporting trend line, price is now at the support level once again. This is a huge deal to me as we would otherwise be in a confirmed downward trend. If Hive holds this level it would mean that price could once again push upwards as well.
The resulting path could look something like this:
Of course if we get such a confirmation expect Hive to take off as there are no big resistances in the chart for the price. But we will have to wait for such a confirmation for several more weeks.
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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