Crypto Analysis | What's up with Hive?
Good day Hiveians!
Join me in analyzing the crypto markets!
Generally I am looking at BTC long term and how it impacts the whole of the crypto markets.. But what about Hive? Let's have a look...
So in case you have been following my analyses of markets, you probably heard me say how important it is to identify a token's fractal. The idea is that every asset moves in particular waves and patterns and that these repeat at different time scales. If one is able to identify such a pattern it can be a predictor for future movements. I have found this simple analysis very effective in terms of predictive power.
Hive hasen't been around for too long and it has taken some months to establish its individual pattern. You can see it outlined in the first capture:
If you look closely, you might be able to spot it at different time scales. I circled some of them in red. Do you see it as well?
This pattern or repeating fractal is currently Hive's characteristic (in my opinion). Future movements will very likely correspond to this simple shape. The biggest time frame is captured with the largest circe and as you can see we are currently at the end of the downward phase. It might be hard to spot because the upward spike is almost non-existent. If so we should expect the price of Hive to drop a bit further down to around 14 or 15 cents. After that price should move up significantly again bringing us back to the 20-30 cents range.
As we would then be within the movement of the biggest fractal, price should continue moving upwards (with corrections). In the next few months we might therefore break the 30 cents range sustainably.
Interestingly, I noticed that Steem and Hive moved together for some minutes with the same exact price movements. I have never seen this before in different tokens or assets; and I think this would mean that the order book must have been almost completely identical.... Did somebody see this before?
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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