Good day Hiveians!
Join me in analyzing the crypto markets!
If you haven't read up on my previous posts you should give them a try and here
The long awaited breakout in the HIVE/BTC chart came yesterday and it was quite spectacular and one of the biggest pumps we have seen for Hive. All in all we got a 64% price push all the way to 66 cents! This is good news (obviously) but more so since I was worried that the volatility and volume was on a downturn. But it seems that we are now in the next impulse wave (more on this later).
This pump is a bit different
As to why let's first have a look at what "normal" Hive pumps&dumps do. There are so many that it's not hard to find them. So if you are surprised that Hive can do these jumps (especially in a red market) you should first look at the charts because this is a common thing. Take last year summer/fall as an example. We had 4 major pumps&dumps:
Notice how their shape is basically identical. A strong upward push and then a massive decline again. The declining phase lasts much longer than the impulse phase. Also notice that the price almost returns to the previous levels (or even below).
Yesterday's push seems to be a bit different. The upward push seems to be much more sustained. we had the first pump which almost went back to where it started from, but then we got a second one. If you look at the first chart you can see that this does not happen too frequently. It is normally only one big push. If things go as normal, then we can expect price to go back down to about 45 cents. I am in fact expecting that as it basically always happened in the past.
What is the bigger picture?
But then again, this push is still ongoing when BTC is down by 2%! Pretty crazy. The thing that I wonder about is what I covered in the HIVE/BTC post linked to above. It suggests massive upward potential. But it seems crazy to think Hive would just go up - especially since there isn't any news event or so currently. But since we broke now both trend lines in this chart I wonder where we are going.
The up to date chart looks like this:
There is sime big resistance at the current area and after an already 50%+ upward push I think it is unlikely for Hive to move much higher for the time being. But the identified fractal is clear: prices should keep rising (and rather fast).
In the Hive/USD chart we can see quite some big resistances as well. For example the downward facing trend lines from the former highs. And then there is the big horizontal one as well which I have highlighted with the colors.
I would expect that we won't just steamroll past this massive resistance. there should be some correction before finally pushing through. Expect a lot of volatility in the coming weeks!
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!
Check out the Love The Clouds Community if you share the love for clouds!
That first chart is very insightful and self-explanatory.
It is a great relief to finally see hive go green this much. Hive will always prove to have come so far and stronger.
Yeah little pullback then boom up again that's my bias too
Congratulations @tobetada! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 14000 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz: