Hodl, dear members of LeoFinance!
Today, I would like to comment on the price chart of our beloved cryptocurrency HIVE.
In the monthly chart (MN), HIVE/USD is going to form a very interesting candlestick for the month of October. A bullish candlestick with a body much shorter than the upper shadow:
As can be seen from the chart, this bullish candlestick has a local high significantly above the previous two ones and a local low above the previous ones. This is a clear bullish signal confirming the increasing dominance of the buyers over the sellers. However, the tall upper shadow indicates that if the price starts to increase very fast many people start to sell. That's why we have to be prepared for a potential bearish pressure at any time during the next month if the price continues to increase.
Nevertheless, if we look at the monthly (MN) price chart from another angle, there is one potential bullish signal - the closing price for October is going to be the highest one, surpassing the closing price from the previous local high:
So, if the month closes at the current price or above (let's cross our fingers for HIVE) or, actually, at a level higher than the previous local high (approximately 0,75-0,76) then we will receive a solid bullish signal in the monthly time frame. And, this can mark the beginning of a sustainable long-term bull trend.
To be continued ...
As of the time of writing, one HIVE costs $0,8142 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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