Good day Hiveians!
Join me in analyzing the crypto markets!
Just last week we talked about the falling wedge
It took me a while to spot it, but it's definitely very clear in the charts. We got a strong bounce off of the support and traded briefly at 40 cents today! But it is too soon to speak of a bull market, even though it could technically be in.
The updated chart looks like this now:
Price was perfectly stopped at the resistance trend line coming from the previous highs. The market could easily reverse again and see a continued downtrend. This would only change if we see a break out in the weekly chart. But so far we only got a wick.
Should we break out I clearly see ~60 cents in the near future with a high likelihood of a rejection back to around 30 cents. If we stay in the wedge a possible scenario could be the red one which resembles the one in the wedge on the left part of the chart and would probably go down to around 20 cents.
The Hive/BTC chart looks interesting as well. We seem to have stabilized once again at the horizontal support line. This is actually very important for Hive, since a lower low on the weekly chart would probably mean that Hive would be dropping relatively to BTC long term. This is of course not something we want to see.
If it stabilizes here, I am fairly optimistic that price will once again head higher. Although it is quite possible that we first finish the 3 wave pattern that permeates this chart.
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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