Good day Hiveians!
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I swear time is speeding up
It feels like I just posted the last HIVE/BTC post last week, but it's already been 3 weeks! So it's time for another update. Last time I gave two scenarios and we can now see that the latter one seems to be playing out. Here is the chart again:
The blue line of support at the bottom is fairly strong and the last support line we can draw. If this line does not hold the price ratio could fall all the way down to the 0.000006s... which is at the 0.236 fib ratio and another 40% down. It would be brutal to see that happen and it would probably affect the price of Hive for years to come. Here is the updated chart:
Price ratio is now sitting at exactly this support. This line has at least 4 points of contact with past price movements which is good. But will it be enough?
Two more clues
We can see that the ratio is now very close to encountering the red area of the fib ratios. This is a general area of support for all coins and ratios. We could therefore see a short relief and then a bit more fall back to reaching this area and still remaining above the blue line
We can once again see the very well established 3 wave pattern. It was there in the uptrend, and it is there in the downtrend. The caveat in seeing these wave patterns is that we do not really know how far it can drop or rise. The only thing we can be fairly certain is that we are in the last part of the wave. This would indicate a price reversal after the completion.
Conclusion
Again, we cannot draw another line of support in the chart going lower than the current one (well there is one more, but it is so bearish going all the way back to the bottom of the chart that I am discounting it). The problem for this line of support getting invalidated is that it would probably affect Hive's price for years to come as it couldn't reclaim the past highs. If the ratio can hold at 0.000001, however, we can also draw a parallel channel in which price could be moving in a rising pattern for the years to come (dotted line at the bottom).
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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