Crypto Analysis | Hive: Golden Crosses Incoming!

avatar

Good day Hiveians!

Join me in analyzing the crypto markets!

 

The recent trend change in the crypto markets has also affected Hive

We just had a record green candle streak which saw Hive moving from 25 cents to 40+ cents in a matter of weeks. The interesting part to this, however, is not that Hive made a ~70% gain, but that price has so far not crashed down yet. That may very well be the case in the coming week, but so far it has been remarkably stable.

Trend Change For Hive?

I will make here a couple of arguments why I think a major trend change is now in progress for Hive. Several weeks ago I made a post arguing that Hive could pump to ~60 cents and I also gave the reason as well as the scenario: a breakout from the falling wedge. Here is the chart from back then:

We are now on track for this green scenario as seen in the recent chart:

grafik.png

It seems that we have now the 2nd week trading outside of this wedge. If this week closes above it, I would call this a breakout.

Another way to check if a macro downtrend has ended is to check the fib channel. Coins/tokens often correct down to the red 0.2 fib area before reversing the trend. This has perefectly happened with Hive:

grafik.png

Then we have the exponential moving averages. When the ones on a shorter time frame (e.g. 20/50) cross the ones on the larger time frame (e.g. 100/200) we either speak of death or golden crosses. In the chart below we can see that we have had out first golden cross with the 20 EMA crossing the 50 EMA last week. Price is now very close to making a 2nd golden cross with the 20 EMA crossing the 100 EMA.

grafik.png

We know from the past that when these golden crosses happen (so far only 1 has occurred!) this signals a definite trend change.

Conclusion

  • Price has broken out of the falling wedge
  • Price receded to the 0.2 the fib channel
  • We have seen 1(2) golden crosses

All of this signals to me that a macro trend change is shaping up. If you want to know where I think price is moving in the next months stay tuned for the follow up post!

 


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!

Bottom.jpg

⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅

lovetheclouds_community_banner.jpg

Check out the Love The Clouds Community if you share the love for clouds!

⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅

Bottom.jpg



0
0
0.000
7 comments
avatar

You are keeping us in suspense. So the price could retest the $0,32 level with the new wedge or it could go lower (unlikely) and test the start of the red 0.2 Fib?

0
0
0.000
avatar

I think the 0.2 fib has already been tested which means that it will probably not retest it. So I think a retest of the wedge or a move to $1+ :) But I will try to pinpoint the timeing

0
0
0.000
avatar

Wow. so you are very bullish then. I guess if BTC goes back to the next fib level near 30k, the bull run is officially on.

0
0
0.000
avatar

Congratulations @tobetada! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)

You distributed more than 72000 upvotes.
Your next target is to reach 73000 upvotes.

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 STOP

To support your work, I also upvoted your post!

Check out our last posts:

Hive Power Up Day - February 1st 2023
The Hive Gamification Proposal
0
0
0.000