Hello people!
Past days we saw the price of HIVE declining after the huge bullish move. This was expected as you can read in my previous posts.
As the entire crypto market looks very hot due to the Bitcoin halving, Hive tends to go his own way. Is Hive following the market?
On the chart above, you can see the correction in play. I made a ghost chart that shows how the price will be in the coming days. I expect a further decline in the area of 4000 satoshis, the 78.6 Fib level.
More downwards pressure from all the EMA´s as the price is going more sideways now. A short dump to 4k, then consolidation in that area for some time before the price will break to the upside again.
In the short term, HIVE is expected to retrace some more to 4k, accumulation in that area, and likely to go back up after some days (maybe even hours).
I am looking for a double bottom and a strong jump after that. If the price goes to the 5k level in that move, HIVE is likely up for the next pump.
Not financial advice.
