Crypto Analysis | Hive Flirting With Higher Highs
Good day Hiveians!
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Hive is sitting at the weekly trend line and itches to go higher
The picture is very clear from looking at the charts and there is no mistake that we could be in for a big move up. Just have a look at this trend line on the weekly chart and how price has for the previous 1+ years always been rejected by it. First the chart with the trend lines (note: price here is in KRW):
And here are the times when price tried to break through it:
We can assume that once price pushes through this line we could be in for a bigger price movement. When we look at a close up we see something in addition as well. Every time that when price was ready to push above this line it was rejected by a 1-2-3 wave that resulted in lower lows.
We are again in this situation, but the question is: will the third wave be the end of the upward movement and we will once again see a rejection? It could be, no question. But that would mean price would crush through the blue (weak) support and we'd go back into the teens. Not really a great development and I wonder why this wold be warranted. Hive seems to be in a good shape right now and sell off like that would mean that some whales think they can get away with such a dump with the market not buying the dip.
The other scenario is of course a major price reversal. Since a breakout from the weekly trend line would mean a price reversal on the larger time frame we could assume that Hive would be gradually climbing towards 50-60 cents and the $ range once more. This would be a movement with much volatility, but overall on average price would move up over the next months and even years.
Watch for the 35 and 55 cent levels if we get the confirmed push higher:
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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The probability of rejection is higher, in my opinion.
After almost 2 year and 4 Main ones? Look at the chart right now, price is loaded like a spring. But it's the safer choice for sure. We'll see this week!
@tipu curate