HIVE technical analysis - Bullish and weird
The HIVE chart has been seeing some unusual action in the past two weeks. Volatility is clearly back for our blockchain token, but the chart has several bullish indicators. It's certainly looking interesting!
That's a one month logarithmic chart in USD. Those are some chart patterns we aren't used to seeing in HIVE (or previously, in STEEM).
The first half (on the left) is a classic grinding upward pattern. We've been down to 10 cents at the low, after a long bear market from above $8, so the move upward is welcome, but not widely trusted. I for one have taken a "believe it when I see it" approach after having been burned nonstop for three years, but just before the move up I posted that I had turned bullish and felt "HIVE is looking promising".
After a sharp double-fakeout there was a sudden move up to about 0.4 USD, then a correction to 0.3, followed by a resumption of the upward grind for several days.
Upon hitting 0.35, HIVE suddenly plunged (along with the greater cryptocurrency market) to 0.2 - ouch!
But it got weirder
That's already more action than we've seen in a long time, but it's clearly not over.
After a few days of low volume and gradual price increase (investors unsure of the next move), we hit 0.25 and then suddenly spiked to 0.35 within an hour!
Bitcoin and the other cryptos didn't experience this bump - it's a HIVE thing!
Just then, it got even weirder
In the past 2 days, a HIVE-only move has occurred, adding complexity to the already-strange chart.
After the unexpected surge to 0.35, we've had an equally-unexpected pullback almost to where it came from, and then yet ANOTHER unexplained MASSIVE jump to almost 0.45!
In the past few hours, we've seen another dip back to 0.3, and just in the past hour:
On massive volume, yet another HIVE-only massive bull signal - and consolidation to 0.32 at time of posting.
I'm not current on the fundamentals (perhaps a HIVE-buying contest has been announced again, or a major app just completed an upgrade, etc).
But the overall technical analysis is saying: Bullish**
**And definitely weird, with high volatility and potential risk/reward. Do your own due diligence, consider a variety of analysis, invest only with funds you don't need for something else, remember that money and currency are just tools, and good luck.
DRutter
Posted Using LeoFinance Beta
