I don't do trading but I like to check the charts every once in a while to confirm my perspective. My current outlook is that HIVE may come down and that may present me with an opportunity to accumulate more. I only regret not selling earlier to catch the dip but I could not predict this downside could happen.
From the daily timeframe on the chart, we can see that the RSI is very oversold, and the trending lines look like they could very well cross upward in a bullish movement.
However, we are below the S1 support Fibonacci pivot point. The S2 support point is at around $0.91 for now.
RSI and Fibonacci pivot points are my favorite indicators, they help me take decisions, on a longer time frame, about when to start buying or selling to get better opportunities, but they are not crystal balls.
Because it is very oversold, but also we have lost support, to me it means that I could risk selling and buying lower, although the price could spike up suddenly leaving me empty-handed.
That sounds like an obvious conclusion "the price could go up or it could go down" but that is what charts are all about, they help us trace a plan, and from this chart, my plan is to sell as minimum as possible (but still sell), because of the risk of a sudden spike, and if it goes down further I will start buying slowly because I could get a huge opportunity to buy more HIVE at 90ish cents.
I am just sharing so I can stay true to my own plan and I like to lay out my thought train and leave it open to scrutiny. Feel free to criticize it or elaborate further about why I could be right or wrong.
Obvious "this is not financial advice" disclaimer:
NEVER trade off of someone else's ideas, because when you elaborate your own investment plan you, and only you, can truly follow it accordingly to the way you planned it. If someone offers a counter trading idea, opposed to my plan, what I will do is try to understand the thought behind it and adapt myself, but I prefer to not follow someone else's plan because I think and feel differently, so someone else's plan wouldn't apply to me. Following this logic, my plan and chart interpretation does not apply to you or someone else because we think and feel differently. Do not follow me.
