Good day Hiveians!
Join me in analyzing the crypto markets!
The market has been exciting to watch over the last weeks
Not only does it feel that the bull is back, but Hive is also outperforming BTC! Last month I made a post in which I gave an outline for the 3 most likely scenarios for Hive for 2023. Then we had a more detailed look at the 2nd scenario which was also the most bullish one. I am happy to say that we are right on track for it currently. Here is what it looked like:
Early this year Hive broke out of the "falling wedge" which signaled a trend reversal. In this most bullish scenario I compared the current price movement to the one in early 2021. Back then price behaved very similarly. Hive made golden crosses (we now have over 5) and rallied for several months and gained almost a 1000% in that time. This was followed by a severe correction (which is normal for Hive) and price fell back to 16 cents. But this was only a subwave towards the ATH.
What you see above is a path for Hive to about $1.8-$2.2 culminating in April or May in this year. We can see it more clearly with a channel drawn into the chart on the weekly scale.
A big catalyst for price will be the breakout from the horizontal resistance (orange trend line) that Hive has not breached sustainably since October of 2021. There will be a lot of volatility in that channel, but on the weekly chart price should stay within it.
I think we are on the verge of another big pump taking us above this horizontal resistance and possibly to around 95 cents or $1. At close range I see something like this:
A massive spike to around 95 cents and then a stark correction back to around 60 cents - retesting the horizontal resistance which now becomes a support. This could occur at any time from now to about 1-2 weeks starting at 00:00 UTC. How I know this so precisely? Because it has always been the South Koreans so far initiating the pump at that time!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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