Holding out my hand to catch the falling HIVE knife

Direct from the desk of Dane Williams.

I know we're all HIVE bears on LeoFinance these days, but bear with me here.

I've previously shared my thoughts on where I see HIVE demand coming from and also just found this excellent blog also on the subject of HIVE demand that's worth a read if you're bullish on our fundamentals.

But flicking through my watch list today, it was actually HIVE's technicals which caught my eye.

-gasp!

Full disclaimer: As we've never been this low before, it's very much catching a falling knife territory, but I can't help myself.

Take a look at the zoomed out, HIVE daily chart below.

HIVE/USD Daily:

That chart was more for overall context, but now take a look at this next one, just a little further zoomed in.

HIVE/USD Daily (Zoomed):

Let me just say once again that even if the overall crypto market is starting to pump, HIVE is still in a higher time frame bearish trend which adds to the risk.

I had also previously been buying Hive above the 14c previous support level, which has now been retested as resistance and remains in play.

But I certainly like what I see today.

IF... and it's a big if.

If price finds a bottom here at 11c, then this hammer like candle on a pullback into the short term zone offers some truly excellent risk:reward on longs.

And risk:reward with the potential for hitting home runs is all that matters to me as a trader.

---

Just finally, I want to give a shout out to @krunkypuram for his latest set of LeoFinance-themed, Christmas dividers that I'm rocking until January 1.

Sorry, not sorry.

Best of probabilities to you,

Dane.

FOREX BROKR | LeoFinance Blog Daily market analysis.

Posted Using LeoFinance ^Beta