Crypto Analysis | Hive - Head and Shoulder Pattern
Good day Hiveians!
Join me in analyzing the crypto markets!
Everyone by now knows that the bear has continued
I do have to say that I am surprised that we have seen such a strong sell off - although the news and the events surrounding it certainly spells dark clouds for the price development. I won't cover any of what happened (I guess you probably read @edicted's posts), but rather have a new look at the charts.
@digi-me warned me several weeks ago that the macro chart of Hive looks like a head and shoulders pattern. The potential was definitely there, but I thought the chance for it to happen and Hive going sub 40 cents was extremely low... Now that we saw even 28 cents (!), we have to ask ourselves: is this the end or is a lower low still coming?
There is some support at the 32 cents area as well as the 22 cents area to which the correction could follow through.
The supporting trend line which has previously established the ascending channel is gone... But we can now draw a new one (which is still very weak and could move any day) which established a parallel channel. If you have read my posts from about a half a year ago, you know that I have always entertained this possibility.
If this support can hold, then we would now have finished the bear correction as price would rally towards the top of this channel over the next years. It is still too soon to know if this could be the new price channel, but it certainly could be a good possibility. It would be extremely bearish if price cannot hold at this support; so for now let's just cross our fingers that it will! It's definitely a good time to accumulate some more Hive now...
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!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
