HIVE-BTC concave bottom
Updated
Greetings,
HIVE is one of the few instruments which barely rose during the summer 2020 alt-season to bitcoin, I even did an idea on it but there was no entry point and the idea was cancelled. It has been in a downtrend all this time, forming a falling wedge, which was broken in January. If you look at the daily or weekly chart, you can see that the price has entered the phase of gaining the position, and the angle of the descending trend has changed and formed a kind of base. Technically, on the daily and weekly chart you can see an arc and we can assume that the concave bottom or the bowl scenario will play out. Also, the volumes of the buyer have finally appeared.
On the daily chart, technically we can see the rising LOW prices, and not rising HIGH prices, i.e. an ascending triangle is formed. It is also possible to draw a trend from the last breakout around 650-800 satoshi.
When the triangle is broken up, we can say that the price has left the accumulation zone and an uptrend has begun, but in fact the price may keep in a downtrend channel until April, until it crosses the base of the arc and technically the concave bottom pattern will break down. Therefore, the price could easily drop to the bottom of the bowl this should be borne in mind. I will trade this formation if it breaks the triangle up and moves above 550 satoshi, it is also possible that it will give more risky entry point from the bottom of the bowl. Did a similar idea on QTUM.
Always use stop loss, and don't use trading leverage greater than x3.
A trader should always have tomorrow.
If you found the information useful, please like it and subscribe, so as not to miss anything.
HIVE is one of the few instruments which barely rose during the summer 2020 alt-season to bitcoin, I even did an idea on it but there was no entry point and the idea was cancelled. It has been in a downtrend all this time, forming a falling wedge, which was broken in January. If you look at the daily or weekly chart, you can see that the price has entered the phase of gaining the position, and the angle of the descending trend has changed and formed a kind of base. Technically, on the daily and weekly chart you can see an arc and we can assume that the concave bottom or the bowl scenario will play out. Also, the volumes of the buyer have finally appeared.
On the daily chart, technically we can see the rising LOW prices, and not rising HIGH prices, i.e. an ascending triangle is formed. It is also possible to draw a trend from the last breakout around 650-800 satoshi.
When the triangle is broken up, we can say that the price has left the accumulation zone and an uptrend has begun, but in fact the price may keep in a downtrend channel until April, until it crosses the base of the arc and technically the concave bottom pattern will break down. Therefore, the price could easily drop to the bottom of the bowl this should be borne in mind. I will trade this formation if it breaks the triangle up and moves above 550 satoshi, it is also possible that it will give more risky entry point from the bottom of the bowl. Did a similar idea on QTUM.
Always use stop loss, and don't use trading leverage greater than x3.
A trader should always have tomorrow.
If you found the information useful, please like it and subscribe, so as not to miss anything.
Note
falling wedge
Больше информации 👉 t.me/+lDtVimAqSH9kNWYy
Related publications
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.