HIVE price action (PA) has been getting stronger over the last few weeks and after what seems like a decent accumulation range of 75 days or so between $0.27 cents and $0.20 cents HIVE PA is gearing up towards its big move up and catch up with some other top performers in the alt-coin space.
You can read my previous posthere to understand my case for a bullish rally for HIVE.
Now, take a look at the lower time frame range to understand what is happening there.
As you can see on the 8 hour time frame the price over the last few days has been making higher lows and then this begun occuring at a steeper angle with the price heading towards a retest of the trend line resistance. No matter how many times it has been pushed down it has steadily built up towards resistance on a higher time frame.
This is a positive sign in my opinion (not financial advice). Most of the time its easy to trade alt-coins. These last few months were a good opportunity to accumulate all the HIVE you needed to. I hope many have made the most of this opportunity should the price rocket towards the moon in the future.
The triangle that the price has been in for 3 months now is about to be pierced again. The difference now is that there has been a steady build up in price over many days. This kind of steady build up is needed in order push the price in the direction we desire. However, there are plenty of resistances above to eat into as well. So as always I'm taking this level to level.
I would like a strong move up, and a pull back and retest of the resistance and flip it into support in order to push up higher.
Nevertheless, we're heading towards a good weekly close. I will update on that on Monday with my thoughts should things go as planned. In the meantime let's hope HIVE pushes forward and breaks this trend line in a single big blow.
Even if we reject back down on this move towards $0.28-$0.29 cents resistance, I wouldn't be worried as long as we're above $0.235 cents in the short term.
If you refer to my older posts you can figure out how it could've been possible to build a good liquid position in HIVE. Now to wait patiently for whatever comes next.