Bitcoin broke its previous ATH today and has marked an amazing moment in cryptocurrency and financial market history as well as a key moment to make note of in 2020 as it continues to push higher.
HIVE is far far behind but it is trying to catch up very slowly. As you can see on this daily chart, the last few days the price has been grinding higher.
I've marked the first resistance I want to see the price close above. It is marked on this 8 hour time frame chart. You can see the price action attempting to reverse back up into something looks like an ascending triangle.
But it remains to be seen if it will form a larger ascending triangle and break out of it. Currently, there's not enough strength in the price action for a strong and sustainable move upwards. I have my alert set for another break above 14 cents.
A lower time frame view of the HIVE price action shows that recent move up has been on account of higher highs and higher low market structure. This indicates that the lower time frame structure currently is bullish. However, higher time frame structure has ways to go before I would consider it very bullish.
I will share my views on the weekly and monthly time frame very soon. Nothing exciting to report on this front just yet.
Also, sharing what I wrote in a comment recently:
Most altcoins from back in the day will never make it close to their previous ATH, let alone surpass that. Currently, HIVE doesn't have nearly enough going for it to push it back to $1. The current fair value seems to be around 12.4 cents with the price effectively trading between 12-13.6 cents and failing to stay above or below this for any considerable period of time. It gets bought back up quickly when below, and gets sold into heavily when above this range. HIVE/BTC is down 96%.
Sharing a chart I saved from the recent move back towards 15 cent:
From the 1 minute chart you can see the price action before and after the pump and dump. I don't really like price action on any coin that exhibits this kind of scam wicks.
Anyway, my levels for HIVE price has been clear for many weeks now. Next few weeks will be the make or break moment for HIVE's price action.
This post is not financial advice!
