Namaste!
2024 has given me a new hobby after many years, after which I suddenly turned towards photography, but before that, I used to frequently share my analysis on various assets here.
For the last few weeks, a different kind of enthusiasm has been seen in the crypto world and at the same time, in Hive also, recently we saw a move of close to 0.50, but due to heavy selling pressure, the price also fell down drastically. Do you know why?
The blue area that you are seeing in the above chart is the price action of total 699 days including today, in which not even once has the Hive made a bullish closing above 0.50. In these 699 days, Hive tried 7 to 8 times but failed every time. Imagine how important this level has become psychologically. Well, the most important lesson in technical analysis is to avoid emotional trading but it is these emotions that also give direction to the market.
So no matter how much expectations we place at an individual level, ground reality shows that just like 0.50, there are some other important levels on the way to going up where sellers are sitting ready with their sell orders in large numbers. And as the price will sustain at the upper levels by absorbing more sellers one after the other, we will be able to say with more strength that now the new All Time High is not too far.
But till then we have to be patient and cautious!
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Note:
- English is not my first language. So sometimes I use 'Google Translate'. Please don't think that anything I have written in this blog has been copied from somewhere or is AI-generated.
- Chart Image downloaded from tradingview.com
- Unless otherwise stated, All other content images and words are mine.
That's all for today.
Special Thanks to @irisworld for Ecency Arts!
Have a Happy and Blessed day!
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