HIVE Breaks Descending Triangle Support

in LeoFinance •  10 days ago 

Direct from the desk of Dane Williams.




I'd seen a few on LeoFinance talking about a triangle with the possibility to rip.

But on the following HIVE chart, you can see it's clearly a descending triangle without even drawing the line so odds were always on a break to the downside.

HIVE/USD Daily:

With Bitcoin capped by resistance and now dropping lower alongside equities, HIVE couldn't hold support and broke out of the triangle lower.

If you want a reason for the fall, we can say it's getting sucked down alongside Bitcoin in these zany Covid times.

I really can't give you more than that...

Best of probabilities to you,

Dane.




FOREX BROKR | Hive Blog
Higher time frame market analysis.

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Lol these triangles and shit are kind of silly. We can’t predict prices with any accuracy unfortunately. Otherwise we would be millionaires buying immediately low and selling immediately high.

There's a very specific psychological behaviour behind triangles, in this case meaning sellers selling highs and coming in earlier and earlier every time. You don't have to dig into the why's, it can be a few larger sellers or just people being frustrated with Hive's inability to rally trying to get what little $ they can from Hive. Once the buying at a certain level stops, the triangle pattern breaks down and the lack of willingness to buy enough to support Hive signals continuation to the downside.

The pattern just represents what is happening in the market.

Whoa yeah that’s more complicated than I thought lol thanks for dropping some knowledge on me! Sorry I came off pretty gruff! :) I appreciate the lesson, I learn something new all the time!

No worries, I've had the same knowledge dropped on me once. If you watch the markets long enough, you will realize that some patterns are superior to other. I personally favor bull flags and bull wedges (ie trend continuation patterns to the upside), but you're right there - the game certainly has changed for harder, the more and more people think they can make a fortune in the markets.

Great explanation, Furious!

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Isn't it more about the fact that the Hivers have now sold off all their Steem for Hive with the 4 week power down and so less are buying now? Those who still love Steem have longer to go on selling their Hive. I'm not into playing the markets, but predicting from patterns without taking account of external factors seems like reading tealeaves.

STEEM and HIVE are back tracking each other’s price action. Dead even price wise now.

Seems crazy, but what would I know! :)

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I may know even less :) Will be interesting to see if one of them breaks out. Steem seems an iffy bet when Steemit have shown they will take funds away from people, but maybe people don't care about that.