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Hive's Technical Analysis, it's targets and where it is heading?!?!

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@beehivetrader
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Just like every other coin or token in the market, Hive also had huge fall in the month of May.

Let's look at it through the weekly chart.

  1. The previous week candle was dominated by buyers as we can see the big wick showing the buyers dominance.

  2. It's the same as where the rally started earlier this year i.e levels of 0.15-0.25.

Cheatsheet of Candlesticks

As we can see the least bearish candle in the last is the kind of the same candle that was formed the previous week.

Now let's have a look at lower time frames to get clear picture.

  1. We can see a major breakout in the previous week and it show's a trend reversal through higher highs and higher lows. (Refer to the image below)

  1. A large Hammer Candle shows the buyers presence at that level.

  2. Risk-Averse traders can hope for a target of 0.40 as it is also 0.5 level retracement of the Fibonacci Retracements tool.

  3. Also supporting the above point is the major Resistance level which it is currently facing.

Goodluck Trading!!

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