In these posts we will analyze the technical charts for Hive at the time of posting, usually around late morning Eastern Standard Time. We will focus on the daily and hourly charts to get early indicators and a good idea of where the market is going.
The Daily Chart is on a Buy Signal.
As suspected the rising support line did not hold and can been better seen on the hourly chart. We are still on a buy signal as a short term low has been put in place last week with a reversal pattern. The market looks like it wants to retest the low. Compared to 90 cent Hive two weeks ago, at these prices we feel safe accumulating. However some traders may want to wait for the price to come down to support at around 30 cents.
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The Hourly Chart is neutral.
You can see the price tried to break away from the rising support line, but it failed and fell down through support. Since then the price is consolidating sideways and will soon break in one direction or the other. Support comes in at 30 cents, since the break to the up side just failed we suspect the price to fall towards the support area but it's very hard to tell here so we remain neutral.
Conclusion
Those very bullish fundamentally who plan to hold long term can confidently buy here, 65% off it's highs from a couple weeks ago. Those trying to trade for quick gains may want to enter a half position here or wait for the price to come down closer to support around 30 cents before entering.
Chart from: Tradingview.com
Agree, my analysis also came to buy in at these new lows. According to the Fibonacci retracement, a price usually wants to retrace 50-70% after an impulsive move. We are hovering the 70% retracement now. So that together with we are reacting off a support line at the moment, I traded over some of my liquid to hive again and waiting for another move. This is, of course, assuming it will be a trend upwards and not just a random pump and dump scenario.
Hey hey! Look at you coming in as my second largest up-vote. You should stop by more often! lol
I remember when you loaded up on 14 cent steem! Friggen smart!!! Congratulations brother!
Man, Justin Sun made it all happen! haha directly or indirectly. Double you're money into hive and you then watch the price go up 8x! So happy for you.
Makes me feel good to know that your analysis lines up with mine. I don't see myself trading so much as I'm constantly accumulating with my blog (basically cost averaging in daily), but I will certainly use my own analysis to exit stage left at the right time.
I just hope it's not a random pump and dump either. It wouldn't really surprise me to see the price sink into the 20-30 cent area as I really can not speak to any true economic fundamentals behind the entire operation.
Anyway, seriously, thanks for commenting and stopping by. I'm kind of on the fence about doing a daily technical analysis post like this, not sure it is something people are interested in.
Have a great day!
-Dan
Hah, I think my entry was a bit more luck than skills honestly. Nobody could predict all these events. But I don't complain of course! Yeah the pump we saw was massive, probably not gonna see another one like that but who knows, the old steem has proven to do that multiple times going from 10 cents to 3+ dollars. Like 3 times in the past? So let us see if Hive has the strength to do the same. I love analyzing a bit myself here and there, although Hive is still a bit young to be doing some "long-term" analysis on. Do what you must! Hive on friend!
Thanks Holm! We'll have to just wait and see.
Hive should be listed on more exchanges
I agree, that will certainly make the price move too.