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I have waited for almost 2 years for this signal
The 3 wave pattern in the HIVE/BTC chart has been completed. The lower low from last week was the final confirmation we needed for the pattern to be completed. What could come after this may be an incredible explosion in price. At least that is what the macro pattern points to. But that is of course at best suggestive and no guarantee that it will happen. Nevertheless, I am excited for the coming weeks and months since we are already at a reversal pattern from the 25 cent lows.
First, the chart from 2 weeks ago which hinted at this pattern reversal.
We have seen price follow this trajectory to the letter. See for yourself here:
The 1-2 and 3 waves all share the same pattern. I would encourage you to look at the daily chart which shows it in greater detail. With the 3rd wave now at completion, I would expect the whole downward movement starting in late 2021 to reverse. If so, we should see a "dramatic" price explosion within the next weeks. Price should push up against the thicker blue trend line and then even higher towards the thinner and beyond.
HIVE/USD chart
Second, we have (luckily) just witnessed support at the macro trend line which Hive broke down against last week. I would have been much more pessimistic if price would still be below 35 cents. But for some reason, price pushed heavily upward today and confirmed this support. I highlighted the importance of this in my last post. See the beasic idea here:
There are 3 major macro (weekly) trend lines that have held Hive's price at bay. The more imminent ones can be seen in the chart above as the purple and thinner red line. Again, price managed to stay above both of these which indicates a possible macro trend reversal. Let's look at the current chart:
It's clearly evident that price retraced back to these resistances as can be seen in the weekly red candle(s). With price now above these resistances, it could head higher and reach towards the 50-60 cents resistance area. There could be a more explosive push towards that area or a continuation of the more gradual (and untypical) movement towards it. As can be seen from the volume, Hive's price has become much less volatile since late 2023. We almost do not see any wicks in the chart since then and no larger volumes in trading. This is both good and bad imo: although it seems to suggest a declining interest by whales to pump the price, the lacking dumps in price are a welcomed change. Perhaps it also means a more organic distribution of the coin...? Whatever the case, I think we should see Hive reach the 50-60 cents resistance area rather sooner than later.
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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