Is Hive trading in a Bullish Flag?
Updated
Since my previous post on Hive linked to this chart, the share price has broken flush to the upside of an Ascending Channel, and upon back-testing old resistance there's been a double bottom where I have placed two blue finger icons, and old resistance has turned into new support forming a bullish flag upon consolidating, inherently bullish in my opinion.
On the RSI there's a similar pattern to the price action.
The KST has seen a bullish cross where I have placed the blue downward-sloping finger, and I've placed a question mark at an area where it's likely another bullish cross will occur near term, depending on the macro environment for Ethereum & Bitcoin.
The pattern could always play out bearishly as a descending triangle, if there's a loss of support at the upward sloping channel area that has acted as the baseline support of the bullish flag then my narrative will adjust accordingly.
If the bull flag pattern were to lose support, I'd expect the next area of support around the bottom part of the upward sloping channel, similar to the path I have drawn in red on the chart.
On the RSI there's a similar pattern to the price action.
The KST has seen a bullish cross where I have placed the blue downward-sloping finger, and I've placed a question mark at an area where it's likely another bullish cross will occur near term, depending on the macro environment for Ethereum & Bitcoin.
The pattern could always play out bearishly as a descending triangle, if there's a loss of support at the upward sloping channel area that has acted as the baseline support of the bullish flag then my narrative will adjust accordingly.
If the bull flag pattern were to lose support, I'd expect the next area of support around the bottom part of the upward sloping channel, similar to the path I have drawn in red on the chart.
Note
Fake-out of a Bullish Flag for Hive?
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