Good day Hiveians!
Join me in analyzing the crypto markets!
While the correction for Hive and Steem was brutal with 60% (!) it has already recovered much of its losses. Unfortunately price action for Hive is very volatile and seems to be one peaked which means that it shoots up really high and falls down really low without much time to adjust one's position. But as long as we are in a bull crypto market hodling is the best option! Here is the current chart:
Some time back I predicted this price movement (the black arrow):
As you can see the direction was not too far off, but it obviously didn't encompass the breakout and steep incline to ~40 cents. However as is also visible, the trend line was accurate in predicting the low for the daily chart. That's the problem with predictions: our human brains normally extrapolate linear trends that often do not occur. Nevertheless, I think the main pattern of how Hive moves in a bull market is evident and is marked by the following ovals:
For now I think there is a good possibility that this movement will continue (again, this is my linear brain talking ;) and if it should... we coud expect something like this:
The steep incline I would expect to continue. But there is a resistance coming up at 70-80 cents which should make for another spectacular correction (30-60%...).
What do you think? Does this sound like a reasonable scenario?
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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