Good day Hiveians!
Join me in analyzing the crypto markets!
Hive is continuing its expected downward trend
When will we have reached the end of the sell off? In previous posts I gave a couple of outlooks for Hive. It is clear now that the sell off was even stronger than expected. But the general outlook given was still very accurate:
As you can see I expected there to be more of an up and down movement. But instead we got a 2 wekk sell off. No real ups here.
But the point is that although we never know how price will exactly move, the shape of that movement is quite predictable. If you compare the first and second chart the shapes are very similar. What could happen next is a bigger upward movement to about 2$ or a continuation down to the thicker blue trend line. It is basically guaranteed that price will recover either now or when we hit that line. But on a larger framework the downward movement might not be completed. There is a chance that price could break below the channel that it has been moving in, bringing us back to the weekly trend line coming from the two previous ATHs which is at around 90 cents. But I think that this is a more unlikely scenario.
I am favoring the red scenario here. But the green one is definitely on the table. The corrective phase could last until the end of this year, perhaps a bit longer. But after that we should be reaching for higher highs again :)
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!
Check out the Love The Clouds Community if you share the love for clouds!
The market is so prone to ups and downs isn't it but I am being told, nicely reinforced by you that upward movements is likely to happen. So I am staying positive. Thank you @tobetada, appreciate your analysis report.
always great to hear confirmation :)
Nice!
I hope the red but will take the green as well. :D
Thank you for the break down.
!PIZZA and !LUV
@jacuzzi(1/4) gave you
Man, you're always spot on with your predictions. Well done! I've been reading the others you wrote and you almost always got it right.
I think a small upward correction is coming. I'm not a trader, but the ~1.38 support has been tested several times in the past ~10 days and seems to be unbreakable for now. So we either go sideways from now on, or a small correction is due.
thanks :D
yep, looks good :)
PIZZA Holders sent $PIZZA tips in this post's comments:
@jacuzzi(1/14) tipped @tobetada (x1)
You can now send $PIZZA tips in Discord via tip.cc!
Let hope for the best after this correction
Posted Using LeoFinance Beta