HIVE price action (PA) has been getting stronger over the last few weeks and after what seems like a decent accumulation range of 75 days or so between $0.27 cents and $0.20 cents HIVE PA is gearing up towards its big move up and catch up with some other top performers in the alt-coin space.
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You can read my previous posthere to understand my case for a bullish rally for HIVE.
Now, take a look at the lower time frame range to understand what is happening there.
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As you can see on the 8 hour time frame the price over the last few days has been making higher lows and then this begun occuring at a steeper angle with the price heading towards a retest of the trend line resistance. No matter how many times it has been pushed down it has steadily built up towards resistance on a higher time frame.
This is a positive sign in my opinion (not financial advice). Most of the time its easy to trade alt-coins. These last few months were a good opportunity to accumulate all the HIVE you needed to. I hope many have made the most of this opportunity should the price rocket towards the moon in the future.
The triangle that the price has been in for 3 months now is about to be pierced again. The difference now is that there has been a steady build up in price over many days. This kind of steady build up is needed in order push the price in the direction we desire. However, there are plenty of resistances above to eat into as well. So as always I'm taking this level to level.
I would like a strong move up, and a pull back and retest of the resistance and flip it into support in order to push up higher.
Nevertheless, we're heading towards a good weekly close. I will update on that on Monday with my thoughts should things go as planned. In the meantime let's hope HIVE pushes forward and breaks this trend line in a single big blow.
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Even if we reject back down on this move towards $0.28-$0.29 cents resistance, I wouldn't be worried as long as we're above $0.235 cents in the short term.
If you refer to my older posts you can figure out how it could've been possible to build a good liquid position in HIVE. Now to wait patiently for whatever comes next.
Hey @firepower, just so you know one of our rules is no TA in @ocd :D aside from that we're focusing curation in 20+ other communities now and trying to get people to post in the appropriate ones to empower them more. I think LeoFinance would fit a lot more for these and at the same time you'd be able to earn their token. :)
Hey! This series generally goes in LeoFinance as I think the engagement is better there for this topic. I planned on posting something else in OCD and then overwrote on that idea but forgot to change the community.
Ye figured you'd know by now, cool :D
Lets hope this works out dude, It sure has all the sign ready in play.
(how are you btw? all is well there?/)
Yeah, It's been fun trading HIVE so far but waiting for the real move to come.
All is well here, thanks for asking. Hope things are fine with you.
It was great to see your comment :)
I think BTC is looking a bit bullish recently so HIVE might actually fall temporarily.
Anyway, it's crypto, we can't be sure of anything.
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Yes. The probability of rejection at resistance is high indeed-not bad as there's more time to accumulate. The BTC volatility will shake up the alts for sure however you must consider the daily gain.
Today at the time of making this comment and 45 mins from the next open, HIVE is still 3.3% up while many other top alts have bled. BTC itself had a total range of around 3% but is at around 0.70%.
Therefore, this is definitely a positive indication from an intra-day perspective that the price is trying to rise incrementally day to day despite the pressure from BTC pushing it down from the intra-day high.
This has an effect on the overall trend when the daily candle closes. But if you notice the time frame on my chart, they are all higher time frames. The trend needs to be mapped on a larger scale. Intraday movement is not very relevant unless one is day trading. Also, the lower the time frame, the choppier it gets with highly volatile tokens like HIVE.
So, break above of 35 cents would confirm bullish rally?
I think hive is really lagging in comparision with other alts. Hope it gets some action before this rally of btc is over, otherwise a lot of investors will lose trust in hive, considering other alts did 10x-20x during the last one month.🙂
HIVE is already up 47% from the lows. It's bullish now because of the steady build up instead of a pump and dump day. However, you make a good point. Several coins have and are continuing to post 10-20x returns. HIVE is yet to do even 100%. But it's on track. However, no one can predict how far it can go. As new information presents itself in way of price action, one can plan for the next steps ahead.