HIVE - My Rough TA with the few facts we have so far

Hive is still in price discovery, there is no much data on the charts yet. but what can we see so far?

I ll try to make it simple.

We are on bittrex, HIVE/BTC 4h chart.

We had a rising wedge (red) channel on the left, forming... rising channels have 68% of breaking ot the downside so it dit. And it did it the moment the rsi reached 70, which in normal conditions its approaching to overbought conditions. (Rsi at 70 i consider it low when we have bull runs with parabolic moves.)

Right now we are trading arround 3200 levels,and we have 2 posible scenarios so far.
The white lines form a falling wedge, falling wedges have a 68% of breaking to the upside,and they are confirmed by volume. In order to have a nice breakout, we need a nice volume.

Second scenario would be this yellow triangle which is "sadly" bearish. and it gives a target arround 1600-1800 sats... Remember targets dont have to be respected..

Rsi is in the 40s which is neutral, and its trying to make a straight trenline, (which would create a bullish divergence against the falling (eventually)

Macd still on the bearish side,and we wait for more price action to see what will happen.

My thoughts, i would place a small buy arround 1600-1800 just in case someone wants to dump their hive, many of the justin fan boys will dump their hive and buy steem, so it would be an option too.
And vice versa of course.

Trading wise with no emotions, i would sell IF the yellow triangle is broken to the downside... and rebuy at the end of the target arround 1600-1800.

But remember, we dont have much historical data, its almost 0, so thats a rough TA with the few facts we have so far.

Lets trade hive!

Posted via Steemleo