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Hive long term analysis, taking steem into consideration

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@beehivetrader
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Yesterday, I covered a short technical article on Hive, on 4H and 1H timeframes.

Hive is a relatively new blockchain in town, but I believe it will give us some really good insight if we can compare the past performance of Steem with Hive and see how everything fits in!

As of now, we can see that Hive and Steem are have a very similar market cap. we can assume Hive and Steem to be fundamentally same (without the centralization bullshit :P)

Let’s dive a bit deeper into the technical understanding of Steem to understand where Hive is sitting right now and where it can go! :D

Let’s first do a weekly analysis on Steem/BTC

Overall bias on $Steem: Bearish

Steem/BTC 1W

Chart 1:

Link to chart: https://www.tradingview.com/x/WXQHnO7R/

Overall Bias: Bearish (Let's check other factors also) Critical zones have been marked on the chart!

Points to note:

  1. We can see that it broke down below the massive (bearish) Descending Triangle pattern around May-June last year. Though we can’t fully lean on this analysis, as BTC also broke down from a similar pattern and again recovered above it!

Steem/BTC 1W

Chart 2:

Link to chart: https://www.tradingview.com/x/UBK4F7R6/ Overall Bias: Bearish Critical zones have been marked on the chart!

Points to note:

  1. If we extend the previous support, we can assume that it did a bearish retest of the previous support (from which it broke down around May last year)
  2. The recent "bearish retest it did was largely fueled by the Hard fork of steem, which gave birth to our new Hive community. (Not good for steem)

Let's see one more perspective below.

Steem/BTC 1W

Chart 3:

Link to chart: https://www.tradingview.com/x/Oc3YS2Ty/ Overall Bias: Bearish Critical zones have been marked on the chart!

Points to note:

  1. Price made a lower high, and RSI made a higher high (we are considering only RSI as of now, to assess the underlying strength of the asset).

  2. This signals a hidden bearish RSI Divergence, implying we may continue to see a potential downtrend of Steem in future.

Steem/BTC 1D

Chart:

Link to chart: https://www.tradingview.com/x/Oc3YS2Ty/ Overall Bias: Neutral Critical zones have been marked on the chart!

Point to note:

  1. We can't really figure out any clear trend in price, except the small lower low; as the action was too choppy and was largely fueled by several news/events.

  2. If you are in Steem, we can assume, it can be safe to stay with a stop loss around the zone marked

Lets now compare Hive with the Steem price action:

Steem/BTC 1D and Hive/BTC 1D, compared

Chart:

Link to the chart: https://www.tradingview.com/x/xCnq2lrX/

Overall Bias:

  1. Neutral/Bearish on Steem (unless it can take out the resistance around 8000 -ish
  2. Bullish on Hive (unless it breaks below the higher low (in chart!)

Critical zones have been marked on the chart!

Points to note:

  1. We can't really figure out any clear trend in price, as the action was too choppy and was largely fueled by several news/events.
  2. If you are in Steem, it can be safe to stay with a stop loss around the zone marked

Lets see if Hive takes out that 10000-ish levels, where it can go!

Time for the moon? 😜

Link: https://www.tradingview.com/x/lJDmcb5u/

Lets see and see the gains it can make if it can ever reclaim the previous Steem all time high:

Lol, a 32000+% gain? Are you kidding me? 😝 link: https://www.tradingview.com/x/34xuXTq5/

(this is not financial advice though, and I am not claiming that it will reach, but it may reach; so DYOR!)

I have covered a recent article about my analysis on Hive here:

Additional supporting points:

  1. Fundamentally speaking, we can see that developers are moving out of Steem to support Hive

  2. Steem is right now far more centralised, which may not be good for Steem in the long run

  3. We are able to see a lot of new initiatives on top of Hive, I'm going to mention a few people later on, in a separate article. I've been following the developments going on around Hive since the time I joined (been only 2 weeks though) and I am going to cover a brief article later, on a separate article, which will complement the Bullish sentiments of Hive :D So stay tuned for one more update soon!!

All I can say is: The overall outlook of this community looks superb at least to me.

Gif credits: @thepeakstudio (thanks for taking time to add cool animations which we can use)

@ecoinstats maybe you want to check and put in some comments here as well if I am able to cover a part of your request as in my previous post :D

Dont forget to follow me on twitter: https:www.twitter.com/beehivetrader

Posted Using LeoFinance