Good day Hiveians!
Join me in analyzing the crypto markets!
So the title of this post isn't very encouraging, but if you can hold your breath the rewards should be plentiful
The reason for another drop is that many signs are pointing to a bigger correction in bitcoin to 20-23k.
Hive has always corrected much harder than bitcoin and if one extrapolates the past corrections relative to bitcoin we are in for another 38%-56% drop! At current prices this would be a range of 18 to 13 cents.
So far we have anticipated Hive's correction down to 16 cents. as shown in the chart here:
However, I want to modify it and give this outlook (sorry for all the lines):
As you can see there is another drop to about 13-14 cents. While this is a very hard correction, keep in mind that Hive can double in a day as well- so this coin is just much more volatile than even other alt coins. As you can see this pattern is also completely in line with the fractal that we identified in the past. I have rarely seen such perfect repetitions.
Once this correction is over the whole market should recover by a lot. In the next months the market will then probably trade sideways and slightly upwards until (late) fall when the market should gain more upwards momentum and finally enter the late stage of the bull market.
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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