Hive Could Be Preparing For a Bigger Move
After a very long time, a good formation is visible on the HIVE chart. After three to four years of the bear season this is a good formation that we are seeing for the first time.
That is why I am repeatedly emphasizing that whoever wants to take good profit from this pump should stay aware of this move. The good thing is that on the bigger time frame, HIVE formation has converted into bullish.
As I have also shown in the image, on the one day time frame you can see three consecutive big candles. After that we saw a recovery and consolidation phase, followed by another good move where four to five candles became nicely green.
Then again a consolidation and recovery phase is coming and now the candles are holding around the EMA 50. From here I am expecting a very good move.
Now you can see that on the bigger time frame HIVE is still overall bearish but the good thing is that because of this bullish formation, a good pump is expected. It can touch the EMA 200 then form another consolidation phase there.
After making that level its support, it can move toward the next move. Overall from this formation I believe that in the next few months HIVE will cross the EMA 200 line. If it stays above the EMA 200 it can form a good bullish formation and give us a long term bullish move.
HIGHER HIGH FORMATION IS FORMED
Similarly if I talk about the four hour time frame, you can see that the candles are above all three EMA lines which is showing an extremely bullish formation. The good thing is that a good consolidation zone has already formed above these lines and accumulation is continuing. Because of this, a good move is expected very soon.
If you look carefully at this chart you can see that a good consolidation phase had already formed before this. In the purple rectangle you can see that the price took good support here many times and then we saw a good move.
Now the same situation is forming again. The repeated rejection of the candles is showing that the bulls are trying to prevent the price from going lower so a good move is expected.
Most importantly on the smaller time frame all the candles have become bullish and now they are closing above the EMA lines which is a good sign for a further move.
30% PUMP EXPECTED
Similarly if we look at the third image which is the one hour time frame, the price is also repeatedly testing the support.
If you remember, one week ago I said that a 35% pump was expected. It has not happened yet but I still believe that this pump is valid. Whenever good volume comes into the market, at least a 30% pump can be expected.
A good rejection can come from the EMA 200 and then the price may try to retest it again. A good support zone can also form there.
Anyway, overall what I am seeing is that HIVE is forming a bullish formation and preparing for a big move. Where do you see HIVE going and what are your thoughts about this formation?
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PICTURES DETAIL
REMEMBER: We should prepare for the unexpected and always hope for the best. Life may not be easy but you must do your best and leave the rest to God...
After 3–4 years of bear season, seeing a good formation on the HIVE chart is refreshing. That's not something we've seen in a long time.
The three consecutive big candles on the daily, followed by consolidation, then another green move that's the kind of structure that can lead to something bigger.
The EMA 50 is holding, and if HIVE can push toward EMA 200, that would be a major shift. Still overall bearish on the bigger timeframes, but this could be the start of a reversal.
What's your target if HIVE breaks above the EMA 200?