Perfect Bottom For Hive

8 days ago

Consolidation Before Breakout?

Back in November I highlighted how Hive could be forming a bottom before a big potential reversal. So far we have seen a confirmation of this pattern and it looks like Hive could be forming a "perfect" bottom. If so, we could soon see some bigger green candles...

We can see just how similar this pattern has been so far when we draw a channel downward until consolidation.

A small breakout and retest of the bottom then occurred before entering the more explosive growth phase.

When we zoom in a bit the similarities again become very apparent. A difference so far is that price has actually maintained a bit better than the previous two times. Previously we saw price going back down almost to the bottom again before reversing. Should this repeat, price could fall back to around 8 cents (box shown in chart).

Should Hive follow this pattern again, price would move quite explosive in the coming months. The last two times volatility was extreme and we saw daily candles of up to 60%! Will it happen again? Who knows... But at least there is a pattern that has so far repeated perfectly and it would suggest a price reversal.

Conclusion

The idea from back in November that Hive was going to consolidate over the next few months has so far been confirmed. So far it looks like we will get a very strong reversal starting at around February (perhaps March). If so, I will make a post that will look at just how high Hive could possibly fly...

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!