Hello crypto enthusiast!
Yesterday, I wrote that Hive token was further declining towards the 78.6 retracement level. You can have a look at that prediction here:
Price of hive traded against BTC is in a correction phase of the huge bull run we witnessed over the weekend. Such a huge move always comes with a similar correction, so just enjoy the ride and buy back at lower levels. But what is a good entry?
As you can see on the chart, the 61.8 retracement level couldn't hold the price of Hive. At the moment, we can see a further decline towards 4k satoshis.
Also, the volume is steadily declining which indicates that buyers are not willing to move the price back up. For now.
Hive didn't have any resistance before, so the wild ride the upside was kinda predictable. For traders, this correction is a blessing, as we can now better visualise the support and resistance levels.
I expect a final heavy push down to 4000 satoshis before HIVE can think about going up again. A consolidation at 4000 is expected, but this depends on how big of a bounce price gets at that level.
Interesting times for traders as we have a great opportunity with raising BTC holdings trading Hive.
Short - 4000 satoshi
NOT FINANCIAL ADVICE
