Hive Price Up-Date #4: Major Reversal Candle on the Daily Chart! 12/5/2021
Holy Smokes! What an exciting day for crypto. I hope you had some dry powder ready, as today has buying opportunity written all over it. I certainly picked up a range of currencies including our precious Hive on a huge discount from less than 24hrs ago.
From what I read there was a very large amount of leveraged long positions all over the crypto space especially Bitcoin and Etherium of course. Further more I learned that whales where dropping huge amounts from their wallets onto exchanges in the past few days and....Wa-la, they sell, market drops, the leverage positions get wiped out dropping the market further, and it got violent!
What has now caught my attention is which cryptos are bouncing back the strongest. ETH, MANA, and our HIVE are doing impressively well to name a few. At time of writing HIVE has a 40 cent wick on today's candle (25% of it's value approximately). If that does not end up being a major reversal signal then I may need to throw in my trading towel.
As you can see where I put the arrow that's your 40 cent candle wick. Or it can be called a hammer signal too, as it looks like a hammer. These kind of candles especially on high volume usually indicate a reversal. The longer the wick the more likely a bottom is in place (short/med term).
Also note that the price came right down to about $1.40. This is was previous resistance, as the price exploded out from this price last week on Nov 25th. So now we have some solid support at this level.
At time of writing the price is sitting at about $1.80. It's hard to see on this chart, but on the 4hr chart it is clear that resistance is at $2.00. So does Hive have what it takes to pop back above two dollars? Probably as this was what one may call an "outside" market event. Where the price is being fluctuated heavily not by the HIVE technicals and fundamentals, but "outside" market forces, meaning the crypto space in large.
So what to do now? Traders could risk jumping in right here or wait for a close above two dollars. I think Hive is going higher in general, so I did not hesitate buying even if it means we have to wait out some volatility for a while. What about you? Where do you think we are heading from here? Happy Trading!
From the Gulf of Thailand
-Dan "World Travel Pro"
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