I don't always do charts, but when I do, they have triple bottoms. I'm joking, obviously. I do charts from time to time, just be aware that these are just ramblings, they are not by any chance financial advice, and you should do your own research before investing in something, especially something so volatile as crypto currencies.
With that being said, let's have a look at these triple bottoms.
I'm using the 4 hours chart because, historically, this proved to be the most accurate. We're also looking at a specific moment of the market which spanned less than a month - I'm talking about the most recent HIVE pump - so using the daily might be a bit misleading, too little information.
As you can see, after the parabolic surge to 5806 satoshis, HIVE corrected back to 3700 satoshis (roughly $2 at the average BTC / USD price). Then it took another attempt, up to 4700 satoshis, only to correct down again, this time slower. Eventually, it rallied again and reached 5283 satoshis. And it's churning down slowly ever since, now hovering at 3700.
By the looks of it, 3700 seems to be the new long term support. It's a level which has been tested three times during the last 2 weeks and, as we all know, if the price can't go into one direction, it will go into the other. Or it will chop sideways (which, to be honest, would be preferable for me - I'd love to see HIVE trading consistently, without any jumps, at 3700 satoshis, no matter how much that would mean in USD).
But, here-here, tomorrow it's Saturday. And the day after that it's Sunday and, please pay attention, it's December 5th. To understand what I'm saying, we have to go back to the weekend HIVE pumps that preceded the mega-one that we're still experiencing. During the last few months, some weekends were the playground for somebody to take HIVE for a spin. It was more of a pump and dump situation, with price consistently going back to $0.8, after "modest" surges to $1.5-$1.8.
These pumps happened always in the first days of the month, which made me believe we will experience a Santa pump, as I wrote exactly 28 days ago.
By my calculations, this is the weekend we've been waiting for.
So, on one side we have a very strong level, 3700 satoshis, which, if broken, could mean HIVE will go down like a hot knife through butter. And on the other, we have some recurrence that means we should expect some upwards action in the next couple of days. Add to the mix the uncertainty in BTC, which is also hitting 53k support, but not going above 59k (which will confirm a breakout, and potential new top).
So, I see only one real question here: is the group which brought HIVE at 5800 satoshis the same with the one that was playing around in the first days of the month? If yes, they might be tired already. If not, then we might see some compound forces joining and a new ATH.
Again, this is not financial advice, and, to be honest, I give more chances to a downwards move, the way I see the charts. I just wrote this article as a follow-up to my Santa pump post.
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Watching the Hive price is not for people with weak stomachs, but its a wild ride. Lets see if Santa comes to play this weekend. I am getting the popcorn out. 🍿 🍿 🍿 🍿
Already munching on my popcorn for about 3 weeks now. Great show 😃
I think that even if the price dips further in the range 1,50-1,70 there will be a lot of support. But next year I expected at least $5 per HIVE.
Interesting. I see the top much higher, probably at $8-$10, but then dropping to $3. Will see.
What I believe Hive is getting to round about $1.40 which could be a little stable times for it.
I don't see anything around $1.40 that indicates support, but hey, who knows, we're all just trying to guess the unguessable here :). My bottom is $1-$0.8.
Agree :)
Let's see if the market for Hive is predictive based on the technical analysis or if it will be influenced by other factors like the market trend. I surely hope the rise will happen, but I am yet reserved to it.
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We shall see...
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well, I love Hive pumps and I love hitting bottoms so I can't complain :D
I can relate.
It seems the resistance at 3700 satoshis was broken this early morning, and the price went down to slightly above 3000 satoshis. Within an hour it was back to the 3700 levels :)
I was just writing about that at the same time you posted this comment :)
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That's the second time within few days I'm getting a similar response :) Whether it's a confirmation bias or not, it makes me feel that the choice to coming back to posting and engaging with people here on HIVE again after all this years was certainly the right one. And the timing was pretty good as well :)
My plan was to have my few USDT in HIVE by end of the month, in expectation of Santa 🎅 arrival. But after seeing that $3.41 ATH 9 days ago, I feel I didn't see him coming and that he will not come back again at least for the next week.
BTC will be recovering the 21% it lost. And probably all attention will be there.
I will be at loss if I dump everything on HIVE and Santa 🎅 doesn't arrive.
We will see what happens....
You know better, man. DYOR and never trade more than you can afford to lose.
In trading, the only thing you can control is the amount you lose, everything else is outside of your control.
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Well, we are still above 3700 sats and the market is looking to find direction after quite a hefty dump. I guess the current HIVE price is fairly bullish still, all things considered.
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