Good day Hiveians!
Join me in analyzing the crypto markets!
I can't believe my last TA post on Hive was 17 days ago
Since then not too much has changed. We have seen more sideways movement instead of the anticipated pump, but I will argue here that it is just a bit delayed. We are seeing all the precursors for another big pump in the near future. You can see them here in part:
Perhaps most importantly the price has broken through the weekly resistance trend line and will very likely close above it since today is a Sunday. This is big: price generally moves upward after breaking such a trend line. We have also had 21 days of low volume which means that the chances for another big volume increase is very high. In the past we have calculated the average time between pumps to be about 16 days. So we are overdue. What is missing is the double movement before a pump. It could look something like this:
I have no doubt we will see a massive pump if we break the current levels sustainably on the weekly chart. 60 cents is a key resistance level. As noted in the last post a pump generally occurs at midnight UTC and also in a sideways moving market (Bitcoin). If the trend holds up, I think the chances are very high for an explosive upwards movement in about the next 10 days.
How high could the price go?
I see two likely scenarios: one is an explosive pump to a range between $0.8 and $1.3 with a correction back down to about 60-70 cents. Alternatively a smaller pump but continuous upward movement to about $0.8 and a bigger consecutive pump perhaps in a month to about $1.6 .
In general I still see a continued upwards push to perhaps $1.6 and a retest of the horizontal trend line at about 60-70 cents before pushing higher still:
This makes "sense" as price would need one more retest of the horizontal resistance before leaving it behind. If this get confirmed we are reaching for the upper limits of the ascending converging channel seen in the chart.
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!
