Crypto Analysis | Hive: One Last Drop to 13 cents?
Good day Hiveians!
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So the title of this post isn't very encouraging, but if you can hold your breath the rewards should be plentiful
The reason for another drop is that many signs are pointing to a bigger correction in bitcoin to 20-23k.
Hive has always corrected much harder than bitcoin and if one extrapolates the past corrections relative to bitcoin we are in for another 38%-56% drop! At current prices this would be a range of 18 to 13 cents.
So far we have anticipated Hive's correction down to 16 cents. as shown in the chart here:
However, I want to modify it and give this outlook (sorry for all the lines):
As you can see there is another drop to about 13-14 cents. While this is a very hard correction, keep in mind that Hive can double in a day as well- so this coin is just much more volatile than even other alt coins. As you can see this pattern is also completely in line with the fractal that we identified in the past. I have rarely seen such perfect repetitions.
Once this correction is over the whole market should recover by a lot. In the next months the market will then probably trade sideways and slightly upwards until (late) fall when the market should gain more upwards momentum and finally enter the late stage of the bull market.
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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Agree with your statement and I also think so. if we just analyse the data of previous couple of years then we shall find such kind of similarities of price change which you have explained in the last graph
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Great analysis! (also great analysis on the other post, the BTC one, I think I commented on that one too)
Everything makes sense and would be painful to see HIVE at 0.13 again, for sure if we hit that price I will buy some! (even if I won't have capital, I'll find it ahaha)
I do hope you're wrong tho 😂
Couple of questions if I may, have you read about the Wyckoff Method and the Wyckoff Accumulation theory?
Source of Picture and Article about the Wyckoff Method on StockCharts
Many people think this is what is going on with BTC at the moment, and apparently everything has been going just like predicted by Wyckoff methods!
Source of the 2 pictures above
It's a very interesting theory of early 20th century (Richard Demille Wyckoff - 1873–1934), what are your thoughts about it?
I would love to get you opinion on this matter 😁
Thank you for reading, and have a great day!
PS: Always loving the clouds 😎 Need to find some more good pics and participate in your contests, I did participate in one and I did win it! Great contest! Keep up the good work! 😁
thanks for the comment!
I have heard about Wyckoff, but haven't looked at it too deeply. The similarities are definitely there, but for me it seems a bit too vague. What I have noticed as well is how the markets move in waves of 3 as seen here (the top)
One can find this pattern everywhere, so this seems like a universal thing. I think looking at the individual fractals of stocks/cryptos are a better way to make predictions of future movements. Trend lines are also key.
Currently upward movement seems to have been rejected by the thicker blue line and there is lots of room to fall to 20k. But once we are there the accumulation schematic you posted could work out quite well (which should last for the next months)
Yes of course, the technical analysis I too think it's a great tool to try to predict future movements, and the waves theory (you mean the elliot wave theory right?) It's one of the methods I haven't quite learned yet, It's on my list of next things to learn with fibonacci extensions and retracements.
At the end of the day the charts (be it stocks or crypto) are just a nice visualization of human psychology! We'll always have the wars between technical and fundamental "maximists" but I do like to use a bit if both 😁
I'm a noob and for now I just use price action and RSI with MACD, with some basic MA and EMA, of course I do try to use trend lines and change my setup once the trend gets broken, but to be honest lately I have not been actively trading.
I'm hodling my cryptos and some stocks I like, patiently waiting.
I might not have learned much technically in my first few years but I must say that I learned a lot to manage my emotions and deal with FOMO , Fear and Greed! I'm trying to get a pair of DiamondHandz ahaha
If we get to 20k for real the red candles will be painful and people will go desperate ahahha but from 20k I think there will be a huge bounce! Like 100% bounce eheheh we know how crypto are volatile both ways! We'll see!
Thanks for your reply! Good luck for your financial adventures! 😁
This is such an important insight and explains why it's so hard to get good trades as it means to "overcome" the natural human tendencies.
🙏 Absolutely! We are our own biggest enemy!
Thank you for your time. 😁
I think bitcoin will decide. Dropping below 30k will surely hit hive hard. however if it starts to go back up, as I hope, maybe hive can remain above 20 cents forever.
yep, so far it always has... I actually think bitcoin dipping would be a great buying opportunity. But it definitely hurts to see it drop.
Well if that happens, I will be loading up on more Hive and powering up!
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