Yesterday was the closing candle for every coin (1 week time frame). I was waiting for this day to decide where the prices will go in the next few months. Its good to see that #HIVE closed the weekly candle in bullish hammer.
I have been in trading for several years. Profits and Loss are the part of trading.
One thing which I understand well about trading is, whenever on higher timeframes the candle closes with hammer, it signals heavy bullish pattern.
According to 1week time frame, #hive is being at support level and closed the candle with hammer pattern. This signals a good bullish sign. You can check the previous candles which are being closed with hammer and on support gives a good bullish signal.
There are some pictures examples which I shared with you. You can see everytime, when the candle closses at support and with hammer is extremely bullish. This is somehow good news for hive users. I am more confident that the price will rise from this level and will turn bullish.
What actually is Bullish hammer. There are two types of hammer in candlesticks. It be inverted hammer or simple hammer. Both of them when formed at support signals bullish pattern.
The shape is somehow, a long wick from below and a small body on the upside. The color does not matter, whether it is red or green. What matter is the longer wick from downside to the body.
This indicates that heavy buying is done. Selling pressure was there but again bulls come back and start buying which leaves a long wick from below. This indicates that bulls are in position and they want to buy further.
Its expected that hive price will rise and will test the level of $0.14 which is another resistance level. Lets see how this bullish hammer will react and what will happen. Please dont get confuse with bullish and bearish hammer. Bearish hammers are actually formed on resistance levels. But there are hammers which indicates the continuation of the pattern.
What do you think about this bullish hammer? Will the price go upside from this level? Will be glad to see your answers in the comment section.
I hope you find this post useful and informative. If you do, please remember to reblog it so that it reaches as many people as possible and that they can benefit the most from it. Also, remember to upvote, which will help me financially and grow my account.
IMAGE TAKEN FROM TRADINGVIEW
Thank You!
Best Wishes.
