In my last post on HIVE price we discussed the ranging price and if HIVE is in a Wyckoff Accumulation range. You can find my thoughts on the same in my last post here.
Currently as it would seem, HIVE has managed to break out of the range to the lower side. I'm not particularly worried about this yet. If we can get back into the range within the next couple of days then maybe HIVE will try to break higher.
However, if we remain below the range, make another leg down and close below below the current low of $0.2149 (Binance) on higher time frame then I would expect further downside to 20 cents or lower.
Screenshot of my 4 hour chart below shows you the ranging market more clearly. If not you can open it in a new tab and zoom in. You can see lower low and lower high followed by new low and lower high indicating a downward trend in price on the 4 hourly.
A quick retest of the lower part of the range would be great. It would provide a confirmation–Either we'll have further downside or we'll see some consolidation at lower time frames below resistance for possible push higher.
If the bottom of the range acts as resistance and rejects price and BTC takes a fall around the same time then I would expect lower prices for HIVE. But it has to meet certain criteria first and we can only proceed level to level.
As illustrated in the screenshot above this is what I would like price to do over the next few days. This would also confirm the Wyckoff accumulation phase hypothesis in my opinion in which case we can expect further sideways movement. We have been in a range for just over 25 days already.
The previous bottom was around 6 cents when price made a low soon after listing. That TradingView calculated USD chart with this data is no longer available on TradingView after they listed Bittrex HIVE/USD pairing. But I have the exact value saved somewhere for my reference. Anyway, frankly I don't want HIVE to go any lower as there's no saying where we'll stop.
The last decent bounce was towards the middle of the range but since then HIVE has bled further. Therefore, I don't find anything bullish about this chart as the deep correction from $1 continues. The current bounce from the new low is relatively weak on higher time frames.
Let's hope we don't see another major swing down and lower market cap compared to Steem as we're now quite close. Let's revisit the price after a few days and see how HIVE has performed.
