Hello Hivers! Technical update again! :) This is not a d.buzz by the way where I usually post my common technical analysis update. This is a much longer post than my buzz posts.
We drove from city to our probinsya (Province) to wind up some stress and have a good fresh air while having a vacation.
Nice greenery view eh? Chilling and having a fresh air while trading some futures on binance is a very good combination. Good learning stress + having a nice relaxing view will give you a nice work life balance lol.
So yeah I'm on the province and chilling. But then I realized that It's too boring when there's no crypto specially in life right? So I bring my laptop so that I can still be updated on things happening in the crypto world or metaverse.
So here comes the CHART!
Just like my post before, it looks like $1.30 support level is too strong as it's holding the price not to go down there. The base is forming on this support which is a good thing (for the bull) as this means that people are accumulating more HIVE token to store or hodl hoping for price to go up more.
Based on my analysis, I think the reason why the price goes down from the all time high of $3.41 is NOT because people are selling but because people stops buying yet. Hoping to get/buy more token on a cheaper price and accumulate more tokens for the future.
So, the worse scenario for the bull (people hoping the price to go up) is when the price breaks down the $1.3 support and continue its direction to $1.1 support.
The blue straight line is the $1.1 - $1.00 support level that would become the next strong resistance. Hopefully this price will not be broken down.
I usually find it on strong crypto token to rally as high as possible then goes down 50% to 70% from the ATH. This will makes people think that the price is already cheap and start buying on the underlying support. This goes the same with HIVE token.
Since we don't have market index on Cryptomarket unlike on stock market that usually determines the price trends of the entire general market. I based my general condition for trend setup on BTC and Ethereum.
BTC Weekly Chart
This chart shows that the Bitcoin is forming a double top pattern which is a very bearish pattern. If the double top pattern materialized then I think $15,000/btc will be the next start of accumulation period. But I don't think this most likely to happen. I'm very bullish on cryptmarket myself specially on HIVE.
See the chart below.
BTC Weekly Chart with my predictions
I believe that the bitcoin price will form a base by making a triangle pattern that slowly goes up before it breaks up to a new all time high. If this happens I believe that we have a bright future on the crypto market and would be able to make more money on the upcoming bull rally specially here on HIVE.
Why you say? because based on my analysis, when BTC and ETH are going down most of the coins are also going down. BUT! there's some outliers out there that even if the BTC and ETH are going down it's showing a great strength going up in terms of price action. This means that this specific token is really great that it's not affected by the general condition of the market.
Then, when there's an outlier on the bear/correction market, it usually makes a big wave going up when the general market is transitioned to bull market. Like what happen on HIVE.
For now my plan is to sell my HIVE on rally then buy it back when there's a correction. This will help me hodl more HIVE coins in the future since I'm not really good on accumulating HIVE coins by posting lol.
HAPPY INVESTING HIVERS! Let's go meet the $100 mark ey? I really believe that HIVE will make great things on the future and will made it $100/hive. When that happens I hope I have a 1,000,000 HP lol.
If you think this posts helps you and teach you more on technical analysis. Please support it by giving it an upvote. If you have a different views than my post then constructive criticism is always welcome and please post it on the comment below so that we all can learn together.