As the weekend approaches we've seen HIVE trying to get back into the range. The effort is noticeable at lower time frame as you can see it made multiple attempts to break above the upper trendline of the triangle and finally broke above.
HIVE pushed back into the previous range but failed to hold it. I'm hopeful we will see another push up–instead of the ladder up, elevator down situation typical of HIVE and many other cryptos.
If we don't close back within the triangle on a high-time frame like the Daily, I think we can expect to see another push up in price. The volume on this move up wasn't great as the trading volumes on exchanges like Binance remains somewhat low. I'm yet to see the strength I was hoping to see. However, in terms of returns the HIVE/USDT and HIVE/BTC pairs have performed on par with each other.
HIVE made a double bottom (not the cleanest but it was good enough to signal an entry) and pushed up. It was a good opportunity to long the bottom. The following is the daily chart and I'm really hoping to see the price make another attempt to break into the previous range over the next few days.
It needs to flip resistance into support to break back into its previous range. The volume needs to come in strongly if we are to sustain higher prices . If it can regain the range then I would probably look at taking some profits at the top of the range. But as always it's too early to tell and I prefer to remain objective and play this level to level.
Technical analysis doesn't have to be overly complicated and sometimes the simple things will work really well. Money management is everything when it comes to putting on a trade and coming out of it without breaking a sweat.
So far i'm happy to see it attempt to change its course from a steady bleed towards a seemingly bottomless pit to making higher lows in an attempt to change its trend.
But we aren't out of the woods yet but I'm happy with the ~20% gains from the lows for now. Let's revisit these charts soon!