Crypto Analysis | Hive Completing Its Fractal
Good day Hiveians!
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What a ride it has been for Hive!
Months ago we looked at Hive and argued for a 2-3$ target. The charts I made back then have played out remarkably well, so I just want to go over them for a moment.
Back in June this year this was a potential outlook I gave:
Seeing a confirmation of this pattern I then made a macro chart as to how I thought that things could be paying out for Hive. I marked 4 main areas of support and resistances:
This has now been confirmed as well. The 3$ target was reached and the expected correction is happening. We are heading for the secondary support area; although with a ow of 1.35$ yesterday we might have already reached it.
Marking the impulse and correction waves in the chart is quite helpful. We can then see the expected correction. However, it is unclear how long and how low it will exactly go. But we can get a basic understanding of what to expect. We can already see that the correction was a lot sooner and harder than seen in this chart below:
But Hive's fractal is intact. This means that the basic shape as often pointed out before is to be repeated and will resemble the blue line seen in the chart. I can see two likely scenarios. The green path is showing the more bearish one, and the blue path is showing the more bullish one. But there is not a bid difference between them as you can see: I would expect the correction to sustainably hit the 1-1.3$ mark before heading into the next impulse wave.
A third yet in my opinion less likely scenario could mean a correction all the way back to the bigger channel. This would be much more prolonged and could potentially go as low as 70 cents. But I think this is unlikely since price has already bounced off the weekly trend line (seen in the middle of the chart, the horizontal line)
Overall this is extremely good news for Hive holders. With the 3$ target confirmed Hive is situating itself to make even higher highs in the future. I definitely see 10$ on the table for 2022!
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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I think many can argue that the correction happened so fast because of the btc dip, which I think it's TRUE. I agree with you that we might not see 70 cents,as it is unlikely with the way $hive has held up.
But, This Is Crypto..
Anything can happen, if btc goes below 40k ,it would be hard for hive to still be above a dollar.
Hehehehe, I think so too.
Have a great week my friend @tobetada !
Alot of correction in the market, let see what will happen in next few weeks.
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Hive has corrected so much in the last week that I think we are almost at the end actually