HIVE breakout confirmed, or so I think! Either way, HIVE looks Bullish as F!

avatar of @simplifylife
2 min read

Dang, what the hell happened there bro!

Went to bed last night to a perfectly calm looking market and then boom!

Not to brag or anything, but I did call HIVE was forming an ascending triangle a few days back when HIVE was still around the 30 cents area. I said I would keep following that triangle to see how it develops and this is how it looks right now.

But what infuriates me is, despite looking at it, I failed to see what was staring me right in the face. I was probably too busy gloating at my precise call that I missed this -

HIVE was forming yet another ascending triangle right above the previous triangle and even though last time I didn't put any sell orders, right now HIVE is getting in the zone from me to start looking for swing trades. I in fact had had a sell order at 46 cents and if I wasn't so thick to miss this new ascending triangle, I would have an order at 46 cents on Binance too. When I woke up this morning and saw I missed the peak, (I did sell some around 43 cents) I was consoling myself that at least my sell order on the internal market had gone through. But to my surprise, and annoyance, it didn't.

This is something I couldn't make sense of. Is the internal market immune to such sudden pumps on exchanges? Who knows, but as I checked the price history on the internal market, it didn't even significantly cross 42 cents. Well, if you take this one single trade seriously, then....well...I mean...

Note to self : The internal market is not where I should be looking to swing trade for HBD.

I'd say the support is now at 36 cents. Generally just a few candles is not enough to call a strong support. But instead of placing a "Trendline" at the support, I used the "Horizontal Line" option on binance so it extends way back in time. Now let's look at the chart from November 2022.

Not so weak anymore eh!

Let's end with a look at the daily chart then, shall we?!

Bullish as F!

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