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Hive pumped up by almost 20%! + BTC breakout?

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@beehivetrader
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I recently covered an article on Hive, where a brief accumulation phase was observed.

Almost every altcoin pumped, and perhaps Hive was yet to get a nice and decent pump. So are we finally going to see some moon? :)

Read on!

Chart: HIVE/BTC, 1D

link: https://www.tradingview.com/x/ix9OnV71/

And it looks like it is finally attempting to break above the ranges and end the accumulation. A close above 2800 will confirm it and lets just hope that it does, this time! Let's hope that it stays strong. Where is the Hive Swarm? :)

Critical points to note:

  1. A close above 2600 will secure the first resistance, and establish a support.
  2. A close above 3000 will most likely change the trend to bullish :)
  3. A close above 3200 will act as a confirmation of the trend change.

Coming to BTC, we do see an attempt to break out of the trading range it has been forming over the last couple of months,

Have a look at the previous update on BTC

Here's the updated chart below:

Chart: BTC/USD, 1D

link: https://www.tradingview.com/x/ljGV2cAc/

The question is, if BTC breaks up or down, what can we expect?

  1. Are we going to see a "Fakeout"?
    Ans: Yes, we can of course see a fakeout. It's pretty common, so managing the risk properly is one way out!

  2. Will alts dump badly? Ans:
    a) If BTC makes a violent move up, then alts may dump with respect to BTC, b) If BTC makes a violent move down, alts may dump with both BTC and USD pair c) Or in a rare case, signifying a major shift in investor sentiments, we may even see both alts and Bitcoins going up together (It will be good isnt it?)

Overall outlook:
With the Bitcoin dominance sitting at 63.77 at the time of writing, down by only 0.08% since yesterday, I think we should stay a bit cautious!

A word of caution: We are going to see a good spike in volatility soon! So tight stops may get triggered, and trades may go the wrong way as well.

If you liked the article, consider sharing this with your friends and circles, and also spare an upvote for me,so that I get motivated to keep sharing market insights and analysis:)

Want to create an account on Hive to get some money for curation/content creation? Feel free to get onboard!

Posted Using LeoFinance