Good day Hiveians!
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Hive's reversal at around 29 cents is somewhat peculiar
This is because it has so far bounced at a level that was under the macro support, but above the anticipated 22 cents. While price could head back down and to this level, the trend reversal currently is looking fairly strong and has run through the former macro support like it wasn't there.
You can see here the thinner blue line which is the previous macro support and the thicker one which is the new macro support. Generally speaking price often gets rejected once is passes such an important former support, but for now price is holding well above it. Tomorrow will be an important candle close as we will see if the weekly candle can truly close above it.
Overall this would be extremely good news for Hive. I believe that if price can maintain an upward push over the next few weeks this will signify the end of Hive's bear fractal (that we can then definitively say ended in 2022/23) and the start of a new meso to macro impulse wave. I worte more about Hive's fractal in the last post, but here you can see it again.
Essentially, if Hive does not make a new lower low, then this fractal has ended without the line after "C" making its lower low. This would indicate to me a shift to a new upward price action over the next few months at least.
Bullish Scenario
Take this outlook with a grain of salt!
- We need to wait for a confirmation of the upward trend in the next few weekly candles
- The major purple resistance needs to be overcome (first chart)
- Many more resistances (shown in orange) need to be overcome
Interestingly Hive has so far always had a trend reversal in June/July as you can see here.
These have been rather significant. The taller outline for a potential path in the green ellipse could be showing the most stunning reversal pattern I could imagine - and it is completely fictional at this point. Again, we have to wait for more clues in the coming weeks.
But even if it should not be that spectacular, I would at least expect the smaller ellipse to be playing out which would take price back to around 50 cents to meet the thick orange line.
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!
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