Bullish On The Hive- Charting and Technical Analysis
Hive has been on a nice bullish run over the last couple of days seeing it top at over $.46 per Hive. It was all up for a while so it’s natural to see some consolidation and possible correction of the price to fill in some market structure. With my new efforts of taking the majority of my blockchain focus to the Hive ecosystem, I have started trading on the internal market. So let’s take a look and see why I am bullish on the Hive charts.
Looking For Long Entries
Well, being that Hive doesn’t have any kind of futures trading platform, all entries are basically long entries, but you get what I mean. It’s not just a fundamental thing that has me bullish, but the charts are looking pretty as well. taking a look at the 1 hour time frame as in the image above, we see that Hive’s bullish staircase has come to a bit of a top and has started to consolidate.
The RSI is rode in the overbought level from $.44 where I took some profits off the table, all the way to $.46 where it eventually topped out for the time being. It has some room to correct back to the $.43-.44 levels so I am actually looking to put in some buy orders on the Hive market around the $.435 level so that I can catch some cheaper Hive and ride the next wave up.
Hitting A Big Supply Zone
Here is a bit of a bearish case, looking at the 4 hour time frame, we have hit a pretty big supply zone which is where the price has stopped it’s upward progress. The next major demand zone according to this time frame is around $.37 so I am a bit hesitant about putting my buy orders in until I see how the price reacts to the $.42-.44 levels. If those hold, I am staying bullish, but, if they break, I am going to hold my orders until we see what happens when we get to the $.40 levels.
We have gotten a bearish engulfing candle with the RSI being in oversold territory, which generally indicates we may be looking at a possible trend change. So I am just taking the data as it comes, trying to buy low and sell high to help increase the stacks.
Hive is Home
Hive is my main blockchain home, so why not shift my attention to also trading it. We have an awesome internal market to buy and sell Hive vs HBD, and why I haven’t been using it until is a bit of a mystery to me. I am consolidating my focus after seeing how other chains have reacted to the bull market.
Hive is the EVERYTHING blockchain so there is really not much need in messing around with other ecosystems other than Bitcoin. The lack of margin or leverage trading is also helping calm my stress levels when I am in a trade because I am not mad at all about holding Hive through a downtrend if I miss a trade.
Nothing said is financial advice.
This is for educational and recreational purposes only!
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