I have been quietly accumulating HIVE for a little while now. With global events as they are and the crypto market showing signs of life I’ve been patiently waiting for some of the overlooked alt-coins like HIVE to catch fire. I still think the fundamentals are sound, perhaps even stronger than they were during 2017 and we’ve had the prodigal son return to post on the platform in recent weeks. It’s enough to start getting me excited about what might be ahead. After doing a little bit of Technical Analysis on HIVE today I did notice something that I thought was worth pointing out….
On the longer timeframe it does look like a nice fat round bottom and now with HIVE starting to make some higher highs it could very well be the start of something….but that’s not what I wanted to point out today. Have a look at the chart below, in particular the last few days in contrast to the month before.
See the very tight trading range there, that’s not particularly unusual as HIVE often trades in a tight range – but it’s right AFTER some strong volatility in both directions AND take a very close look at the VOLUME. There is a bit of a battle going on with a lot of volume within a tight range…..sure signs of COILING between about 13.4 and 14.4 US Cents. What that means is that once it breaks out of this tight range it’s likely to make a very strong move. Obviously I am hoping (and expecting) that it will be UP, but I might be wrong. Certainly it is a very good time to keep a close eye on the charts because either way this next week or two could be very important in setting the trend for the medium term.
Good luck if you’re trading and Good Luck To All Hodlers
