Crypto Analysis | Hive - Head and Shoulder Pattern
Good day Hiveians!
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Everyone by now knows that the bear has continued
I do have to say that I am surprised that we have seen such a strong sell off - although the news and the events surrounding it certainly spells dark clouds for the price development. I won't cover any of what happened (I guess you probably read @edicted's posts), but rather have a new look at the charts.
@digi-me warned me several weeks ago that the macro chart of Hive looks like a head and shoulders pattern. The potential was definitely there, but I thought the chance for it to happen and Hive going sub 40 cents was extremely low... Now that we saw even 28 cents (!), we have to ask ourselves: is this the end or is a lower low still coming?
There is some support at the 32 cents area as well as the 22 cents area to which the correction could follow through.
The supporting trend line which has previously established the ascending channel is gone... But we can now draw a new one (which is still very weak and could move any day) which established a parallel channel. If you have read my posts from about a half a year ago, you know that I have always entertained this possibility.
If this support can hold, then we would now have finished the bear correction as price would rally towards the top of this channel over the next years. It is still too soon to know if this could be the new price channel, but it certainly could be a good possibility. It would be extremely bearish if price cannot hold at this support; so for now let's just cross our fingers that it will! It's definitely a good time to accumulate some more Hive now...
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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Nice post! Thanks for the mention! 😃. Yea we lost 0,44 and down we whent bcs of FTX fud and BTC dropping I guess. Hopefully a bounce here and retest 0,45-0.5, and if we reject and make a new low I tink we will see your 0,22 support. Im dca down as I where awaiting market direction and now we got it..
btw @tobetada you know Hive good, Im holding some HBD still shouldent I set buy orders at 0,22 bcs if HIVE goes sub 0,2 the HBD will go off peg is that right?
I wouldn't worry about the haircut; price would have to fall below 7 cents for that to come into play. check out more here:
https://hive.ausbit.dev/hbd
Wow that's impressive good, doubt that would happen. And thanks for the link 😃
I'm thinking... it will all crash to zero.
Jim Cramer is right.
🤑
Why stop at zero? can't it go negative? Then we'll have to pay someone just to hold crypto 😀
This fall was going to happen, there was a lot of liquidity below BTC and also in hive. The price had to go to take it, although I did not see it at this time, simply the fall of FTX accelerated this process and today we are down here.
I consider that the price has to close above 0.3, because otherwise, we are going to see more fall from hive. But it is good to accumulate and think long term. Buying cheap is the best and the time has come.
This is my opinion, best regards.
Some great chart work. Nice one.