Posts
Crypto Analysis | Hive to the Moon or What?!
25
@tobetada
·0 views
2 min read
Good day Steemians!
Join me in analyzing the crypto markets!
So as a technical analyst I think it's important to talk about the times that your predictions failed. This is such a time for me. 13 days ago I made a post in which I predicted a price for Hive of 5-7 cents. HA! This was probably the worst prediction I ever made in terms of outcome.
But I have a couple of comments for that:
- When a coin gets first listed it is incredibly hard to make predictions. The main patterns are being established in this phase and so many of the tradional toolsets do not work (Elliott etc.)
- Hive has an additional element: As former Steemians many Hiveians are powering down their steem and selling it for Hive. This puts a high buying pressure on the token which is at least partially responsible for the strong upward movement.
- Just before the 700% (!!!) increase in price it was announced that the coin would be listed on Huobi exchange. This is in my opinion the strongest reason for the price explosion
- From a technical perspective the trend line seen in the chart acted as a resistance line. I argued in my previous post that this would lead to a further decline in price. However with the points mentioned above it seems natural now that the price would be heading in the opposite direction
- Also, this is short term movements: There will definitely be a correction soon (or is just happening). I think 20-30 cents is a real possibility, but I am not even calling this a prediction currently as I am not sure about a lot of things (there is probably also a lot of price manipuation going on from the Tron side I think)
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!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
