$HIVE Short Term Swing Formations
HIVE in a critical spot to watch to determine market direction after significant period of consolidation.Looking for break below blue trendline to invalidate.
Looking for convincing vol to break $4.20-$4.70 resistance and test of purple trendline for breakout.
Trade active
H&S neckline broke down with convincing volume.
Next sig resistance at 2.88-3.00 to observe if we bounce or continue to break down & complete the H&S measured move.
Note
$2.88 - $3.00 reached today with expanding vol on decline from H&S.
Good place to take profits as we will likely see a bounce at lower trendlines and will need a convincing break to complete the H&S measured move at ~$2.00
Trade closed: target reached
Support was found at the $2.83-$2.85 price level and is forming another H&S.
Look for price action at 2.83 support to confirm break down.
just practicing & learning
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
just practicing & learning
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.