Hive-USD meanders about like a drunk without a cause after Symmetrical Triangle Pattern

in LeoFinance4 months ago (edited)

Well so far this has been a rather nervous and slow moving trade.


It broke out of the Symmetrical Triangle Pattern with a massive sell by someone. Not sure exactly what was up with that. Guess they got nervous or were afraid it was going to go back down.

Then as it went up, it had almost no volume, and it only got worse.

People were trying to put in buys and fight over the positions, but they weren't buying the sells that were there, because there was such a large hole in the market. So it ended up just with a few buys and sells and no substantial movement.

At this point I have no idea where it will go. If I didn't believe in Hive I might be selling right now. And maybe that's the wise move.

I don't see anything troublesome yet in the movement though. It's on the bottom of the Bollinger Bands, so it could move down a bit from here, with the moving day average turning down a bit, but it could also reverse from here and finally move up.

Right now I'm holding a seriously hot potato, with a pretty heavy stake of my trading money in Hive. Here's to hoping it goes up.

Is everyone still on Binance despite them screwing us over?

Edit: Well that's a concerning candle.


I hope that reverse really quickly and doesn't become a trend! Otherwise I might decide to cut any losses before they happen.

Looking at the order book, we still have a lot of support, with wide open spaces to move upward. Just no one is buying higher.


We need some FOMO up in here!

Edit: Looking at lower 5 day charts you can kinda see the movement more clearly. Or kind of lack of movement.


I don't really like watching the daily or 5 day charts on hive because the volume is so low on Bittrex that it makes it really hard to read.

And on the daily:


So we can see a clear downward channel. Problem is that the volume is so low, I haven't even been able to put in any sells to even buy lower, and now we're up against a 12k order, that will hopefully be the bottom of the channel.


So I basically just have to hope at this point.

I honestly think it will go up from here...but it could just keep going down.

Perhaps the movement of BTC up kept it down due to money staying in BTC.