Crypto Analysis | Hive bullish outlook
Good day Hiveians!
Join me in analyzing the crypto markets!
It's been 12 days since our last update on Hive!
In that post I argued that a 2-3$ Hive is very likely just around the corner. This range corresponds to the fibonacci ratio of the last Hive fractal. In the past it has been a good predictor for price so I am assuming here that this will again be a good predictor. It also corresponds to the shape of Hive's fractal. But before we go into that, let's have a look at the weekly chart.
We are currently holding very nicely at the "secondary support". It gets it support by the former peaks and I connected those with the thicker blue trend line. We have (remarkably) stayed above it during the last weeks. With support established at this level Hive can relatively easily push upwards. This impulse wave which began in July is very similar to the one from early 2021. And I think this former impulse wave should be a good predictor for things to come.
I have marked some of the similarities in this next chart. The bigger oval covers the impulse waves in both fractals (the one on the right is obviously still not completed). The smaller one points to two similar sub waves. They both "ride" between the channel drawn in blue and green. You can notice that the second subwave in March (on the right inside the smaller oval) gradually curves upward after the correction from about 45 cents. I would argue that this is exactly what we will be seeing in the next weeks. Hive should continue to climb without bigger corrections up to about 2-3$.
This is in line with the upper boundary of the channel as well as the previously mentioned fib ratio, so I am very optimistic that this can be reached. Stay alert for sudden Hive pumps! Of course this might be a good range to sell some Hive as well. But I am expecting Hive to go higher than that, so don't sell everything :)
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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