Crypto Analysis | Hive 100% overnight!- What?!
Good day Hiveians!
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Hive is crazy. Everyone knows that who has looked at the charts.But to see it go 100% in a red market is amazing
We just got a record high of 1.5$ overnight (at least from my perspective)!.
Have a look at the chart yourself:
Again, wow! I guess the volume was once again from the Korean exchanges? Wherever it came from it will once again put Hive in the spotlight of the entire crypto market. These kinds of movements don't go unnoticed and people will ask questions such as: What is Hive? Why is it outperforming most other coins? Why is it leaving Steem in the dust? etc. At least I hope this is what people are wondering about.
I wanted to go all in at around 40 cents because with all of the projects ramping up I have become a Hive maximalist (I guess kind of ;) But looks like too many other people are seeing the potential of Hive as well.
So back to our TA...
This pump changes a lot. My former idea that we will retest the main support is probably not going to happen. The furthest drop (bearish scenario) would be back to 50-60 cents which is indicated by the thicker green trend line. In a more bullish scenario we could be looking at about 70-90 cents. since we have a strong support in the weekly chart from the trend line of the previous ATHs (see thick blue line) at this range. But it seems that we will now be testing the main resistance in the next weeks.
If this happens, it means that Hive is going to tackle the 2-3$ range very soon. This poses a serious challenge to overcome as we have resistances in form of trend lines as well as the fib retracement. But this movement would be extremely positive for future price actions as a correction from this area down to possibly 1$ means that Hive could still climb much further in this bull cycle (10$+).
Previously I have been talking about two scenarios. And the recent correction down to 50 cents seemed to be a confirmation for the purple one. But I guess it is now more correct to say that it was a combination. We went down to 50 cents (see purple line), but then broke out to 1.5$ (see blue line). It was a perfect mix of the two... But this is hard to predict when a coin goes 2x over night!
I still expect BTC and the whole market to correct on a bigger scale which would also take back Hive to the areas mentioned above. But I couldn't be more bullish on Hive right now! :)
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We soon see how it works out ... Lets hope we all get here lot :)
Proud of Hive and that I stuck through the ups and down for over 4 years — blogging (almost) daily!
Wishing us continued success 🙌🏼
indeed! I stuck with it as well and never really sold any significant amount :)
I thought it was for the release of chaos legion packs, but it isn't. So who pump the coin this time? Koreans again? 🤔 because i don't find any other reason yet
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we have these mysterious (?) pumps every couple of months. Whoever is behind it, I won't complain :D
🤣🤣🤣🤣🤣 exactly
Nice pump! 🤩
It looked like a Cup&Handle and I'm glad is breaking out to the upside 😁
I'm having a feeling that with the recent economic turmoils lots of liquidity could flow into crypto (Also because of the fact the FED is not looking into regulating cryptos as of yet)
I now hope that the infrastructure bill (delayed, brilliant lol) will not touch and regulate DeFi! All DeFi coins are a bit struggling to follow the bull sentiment and I believe it's for this reason, I feel that if the bill does not regulate them they will fly, liquidity just waiting for the bill, thoughts about this? Thank you 🙏😎
yep it's one of those developments that change the market flow. From a TA I am still quite certain that we should see a bigger correction. But sometimes that just doesn't happen because TA is only so good at predicting prices. As it is based on the past, it is always limited. If BTC breaks out of this position, a peak for fall/winter could be in the making, but I don't hope so as this would see prices going back much earlier as well (as compared to another year or so)
Yeah well TA works in both ways so we need to be wise to plan out both scenarios and play out the one that eventually is being displayed, Easy to say I know 😂
Great post as always and thanks for your feedback! Cheers!
HIVE is doing well. Hive and BTC do move almost together.
If BTC is doing well Hive will also be doing well.
As BTC break 50k average to continue up, trigger Hive and Shiba Inu to move in bullish trend. Now we are waiting for Hive to do correction, after the correction, Hive will continue on it bullish trend again.
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yep, that's about what I am expecting as well :) Although I am still cautious about bitcoin
Yes because of the news and SEC problem but expecting it to get to 100k by this year end
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It's time for the second leg of the bull market. BTC looking like it's going to break the ath in November at most.
I was and still am skeptical of the run up in late 2021 as it just doesn't fit the time window and the chart. But of course I might be wrong as the market is just showing :D
Yea it played out as you said! Gj! It was an amazing pump :)
yes, but it seems that I got BTC wrong at least if the market continues upward. This is surprising to me. Did you expect today's rally?
hehe, yea but it was not easy i felt bearish at 39k. but i was long from 41k :)
https://hive.blog/hive-167922/@digi-me/btc-update-bitcoin-hash-ribbons-played-out-for-now-cup-and-handle-forming