HIVE TODAY 05.03.2022

Another update on Hive? Yeah! Bitcoin did a nice price action after my last post and it didn't allow my trade idea play out like I said it might. When #BTC refused to halt before testing somewhere around $45K last week, it took most altcoins along with it on the ride. Although it looked good, I didn't consider it as a nice or good move as there were obvious signs of climax on the chart. Nothing on my chart suggested that move to me and so I knew I just had to sit back and watch.

Again, this is a short term trade and I would trade it with caution as #BTC is not always too far to crash a party.

What do I think?

Right now, I think my H4 has all the details I need to trade #hive at the moment. A movement that looks like a classic uptrend formation but met an early end. The retest and degeneration is a characteristic feature of an Head and Shoulders pattern and I feel this is very likely to play out soon. We just have to wait for the second shoulder to form.

Quickly pulled up the volume indicator to check for confirmation of this pattern but it didn't quite give me what I needed. Although it wasn't what I wanted to see, it wasn't really far from it either. I used the same price projections from last post here too.

Shark Harmonic?

A possible shark harmonic providing confluence? I'd say yes. That's one of the things about harmonic patterns. One might be entering one too early and would need to re-enter if that's the case. This is one but I'll use the idea of H and S for my entry as I have missed the entry offered by the harmonic pattern.

H1

The Head and Shoulders pattern doesn't exactly look nice on the H1 but something else does. A huge spike on the #Binance chart, I did a quick check and that spike only happened on Binance. Price traded normally on other exchanges. Most times I've seen that, price usually makes its way back to the level and this to some extent confirms a move up for this trade and I'll be looking to sell at that top to buy back at lower prices.

First Bearish Target: 0.87
Second Bearish Target: 0.81
Third Bearish Target: 0.71

PS: The Hive I'll be buying are for my personal portfolio and power up and this is not in anyway investment advice.

Till I write again...