Well first, there was a new low which had to be made in order to move upwards again. This was at 0.5$ and followed the exact same pattern from previous weeks. In other words, it would make sense to assume that Hive is going to continue to move in a similar (yet modified) pattern.
Let's have a look!... And sorry for the many lines in this chart. However, the basic idea I want to express here is the channel seen from the thicker blue lines.
We can see that Hive is moving in this channel which is very useful when looking for future price developments.
Hive's bullish pattern is very evident in these ovals here:
This is the shape to remember: a very strong impulse wave followed by a very strong correction. Notice the tendency to form a second lower peak which is then generally followed by an even stronger correction.
Extending this pattern could give us something like this:
Obviously, patterns don't repeat in the same exact way, so I'm sure it will eventually look somewhat different. But my point here is that the basic shape will be very similar.
Why do I have a peak at around 2.2$? Well here fibonacci retracement is very useful. Using this tool predicts the top of the last big impulse wave at around 1$. Using this tool to predict the next peak would therefore suggest a peak between 1.9$ and 2.3$. If you are unfamiliar with this tool look at the dotted diagonal line which shows the range that I picked. This gives us a ratio of 2.6 and 3.6 to look out for.
Together with the upper channel resistance this would result in a top at around early to middle May. Fingers crossed :)
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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