Many who follow my trading criteria know I run a rather simple system of TA. I used the 5 and 13 day EMA and what for crossovers.
When I took a look at HIVE/USD yesterday, I noticed that it was positioning itself for a crossover to the up side (this is bullish).
Of course, since it crossed to the downside back in August, it had a number of instances where pricing action pushed the 5 day EMA close to the 13. Yet, over the last 6 weeks or so, it never crossed.
Here is the chart.
We can see that today's price action caused a crossover to the upside as denoted by the blue circle. Having a strong green candle is reason for optimism.
We can also view this as breaking out of its long term descending channel. Here we see another reason to be optimistic about the upcoming price movement.
Of course, things can reverse just as quickly so it is best to not rush into things. Waiting for confirmation is often the best approach. In this instance, a follow through tomorrow could cause those who are looking to go long with HIVE to take a position.
This chart is using daily candles so the timeframe of trades is a bit longer term. Anyone looking for quick trading signals might want to use the 4 hour (or even hourly) candles. The chart is for those who are looking for moves that take place over weeks-to-months.
We might see a run up in the price of HIVE if this crossover holds. It will likely be a few weeks that we see the move. This is not going to be a long term move through. We still are dealing with a shorter term frame as opposed to a major bull run.
The next couple days will tell us whether this is a legitimate trade signal or a false one. If it is the former, we could see a nice run over the next couple weeks. On the other hand, if it is a false signal, we will continue to lower levels from here (look in the 10 cent range).
If you found this article informative, please give an upvote and rehive.
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BEER.I am not usually a fan of Moving Averages. They do exactly what they say, show price averages.
From experience, they are not useful in predicting future price. Volume and Price Action are better.
Interesting analysis though. I am lowkey hoping it doesn't pump too much because I have some money coming in to buy so more Hive.
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If it really reaches the $ 0.10 range, I can see that in addition to being a "dangerous" zone for HIVE, I can see that it can also be an opportunity for accumulation.
It is good to see the different scenarios where HIVE will go, but I will always be cheering for its price to return to at least US $ 0.30, which was when I returned to Hive earlier this year.
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I'm thinking it'll manage to settle at somewhere not too bad hopefully staying above 0.10 is okay. if you ask me. It's good to see some positive moves from hive it's like the first time it's moving with BTC in a really long time. It's good. It's really good.
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looking forward to seeing it move up!
Hola taskmaster4450le,
Gracias por destinar correctamente el 100% de las recompensas de está publicación a HP y ayudar al crecimiento de tu cuenta.
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STOP.10 cents is def possible... but at this point I expect to ride the coattails of the larger market. November gonna be an awesome month me thinks.
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Hive will rise again and while first it puts the infrastructure in order with HF24 than it will be heading for the business layer. The price should respond to that and maybe with some new proposals for catering the marketing aspects on Hive we'll see a boost in the next time.
Nevertheless, power up, never sell anything and keep on growing!
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