Crypto Analysis | Hive's Next Stop 50 cents?

Good day Hiveians!

Join me in analyzing the crypto markets!

 

So Hive decided to go up rather than down

Just in the last post I called the weekly resistance a "make or break moment", since it was also possible for price to break down significantly. But price is now trading above the weekly resistance (purple line) and has even bounced off of it which often signifies a continued upward trend:

We can also see the "new" support that I recently discovered as the thicker blue line which has held up price over ~25 cents in the last years. We can also see a red line that I would argue could be the next bigger resistance. If so, then this would be at around 50 cents and we could make contact very soon.

This breakout to the top was also signified by the decreasing fractal pattern I pointed out recently. We could see a very distinct pattern playing out over and over again in the last 2 years that led to this breakout moment. While it looks as if an uptrend is now favored overall, there are still some caveats:

• volume has not picked up significantly; to confirm this trend we also need a much bigger volume on the weekly chart (you can see how much more volume we had in the past in the chart above)
• price needs to make a higher high compared to the last fractal. This would be at around 42 cents. You can see this point here in this chart:

If the end of this pattern was indeed in September, I would expect the next wave to be higher than the previous one. It doesn't have to be this dramatic, even around 43 cents would signify a higher high and therefore a reversal pattern.

In the past the start of a bigger impulse wave has generally happened with big increases in volume and a big jump in price. 50%+ daily candles have not been uncommon. Will it happen again? I guess we will soon find out. The HIVE/BTC chart suggests a big reversal as well, and it could all happen around November/December when Hive has historically made big movements.

 

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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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