At the time of making this post price is bouncing off the blue trendline which had been a resistance so far and has been acting as support. However, the green trendline is a current resistance and there's not a lot of room left for price make a decision now.
I'm currently looking for the first level of $0.1400-$0.1410 range to be re-claimed for starters with a strong move up and a daily close above it for any higher prices.
$0.1407 and higher is a region where price has seen heavy sell pressure and the daily chart shows this with the long wicks above candle bodies. For price to push above, it needs to manage a high time frame close above 0.1407 for starters and then push above $0.1699–this is a level i've maintained for a few months now. Price in the past failed to maintain above this.
This level is needed in my view for price to create a new base from which it can potentially push higher and above 20 cents. But given lack of demand/buy pressure it's hard to say if and when price will do this.
The probability of HIVE reclaiming its ATH of $1 remains low at this point as the price is still down 86% roughly.
I've set my alert in case price breaches the first key level. It's around a 9% move up from current price. But if BTC breaks lower than HIVE and rest of the market will follow.
What disappoints is that BTC hit new ATH on few spot exchanges and HIVE couldn't even manage 20 cents so far which even Steem has managed to do.
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This post is not financial advice!
