HIVE had quite a roller coaster of a week with the price pumping nicely and then losing most of the gains from past 2 months and coming back to a low of 22 cents.
The weekly chart looks like it took a beating too as the price dealt with the sell off after the pump and a slight correction Bitcoin's price which drove majority of alts down. While many of the top coins have recovered or are recovering nicely, HIVE has lagged behind undoubtedly.
The daily shows a bounce with a decent close coming up today. I wanted to wait a few days after the pump to analyse the consolidation before writing this post. Now the question remains will the price continue its trend?
So we've had a nice run to 35c which was a resistance/target and it got there perfectly on Huobi while on Binance the price front run the short term target and failed to close above my interim resistance I had market on my Binance chart in my previous post.
In the short term we need to re-claim 28 cents resistance as support once again. We are yet to hold a close above this level on a higher time frame. Until this condition is met, further continuation of uptrend is delayed.
Here's the 60 min chart that shows you the depth of this move down. HIVE corrected roughly 35% from the recent top. Not good if you ask me. The trend needs to be cleaner for strong continuation on a week to week basis. But we have to accept what the market delivers.
HIVE will always have this kinda of sell off. We've seen it in STEEM and many other coins. The inability to hold higher price levels for any significant amount of time is a real disappointment with the price landing in the 20 cents zone over the longer time frame to establish a fair value.
Nevertheless, this is far from over. As long as we don't get a weekly close below previous lows of around 19-19.5 cents we are good to continue steadily on the upside.
I wouldn't mind a double bottom on the weekly with the price wicking into the range of the previous lows but finally closing back around 20 or above 20 cents. This on a low time frame with a strong move up that holds levels on higher time frame would indicate a strong buying support at the lows.
This could be triggered by a market level correction if BTC was to nose dive and that's always a possibility but how fast and how much percentage recovery will decide the next move.
So let's see how the price unfolds over the next two weeks as we're up for a monthly close soon. While I don't like the huge rejection in higher prices on the monthly we still have a few days where the price could bounce from this recent fall for a better close.
The sooner we get over 28 cents and hold it before any major BTC move the better HIVE will be at positioning itself at attempting its next targets.
Not financial advice