Bitcoin crashes to $42k. $Hive holds firm in an on-going price / market Squeeze. Time to convert some HBD to $Hive! #bitcoin #hive
Quick Update on the $Hive Price after Bitcoin crashed to $42k to the US Dollar today.
Before we look at today's chart I just want to draw your attention to my post from 4th January 2022 ⬇️ (below)
Posted 2 days ago - 4th Jan 2022 ⬇️
"Easily seen squeeze happening on the Day Chart (below) that should lead to some very bullish (buying) behaviour - unless Bitcoin crashes in which case $Hive will likely follow."
Would I buy $Hive at this price? Yes I would, although $1.39 would be a better target for someone looking to get in at a lower level. If you're willing to HODL $Hive for a month, there is a very good chance you will be able to take profits at $1.95, +20% from where we currently are.
Ok, enough of a trip down memory lane, let's take a look at today's Charts ⬇️
6 Jan 2022 - Here's what is happened in today's charts:
Well #Bitcoin crashed which means $hive tanked too right? Well, a bit, but the news is actually positive to the $Hive Price.
Below you can see the BTC/Hive chart which shows BTC's dominance (or lack of dominance) over $Hive. We are still operating in a great position on the $Hive / $BTC Charts, including a market squeeze, easily visible using a Boolean Chart Indicator which shows market sales volume.
⬆️ Looking at the Hive/BTC daily chart from today (6 Jan 2022) we can see the very recognisable "Squeeze" continuing to happen.
A squeeze is characterised by a long 'tail' as Buyers and Sellers fight for a fair price.
When the $Bitcoin price goes up, we should see $Hive's market value increase dramatically, which means the price SHOULD go up. There are no certainties in any kind of market trading!
4 Hours $Hive chart ⬇️
⬆️ Although not visible here : $Hive just managed to just touch my (previously) recommended buy price of $1.39. In my opinion we are still in a strong position for anyone looking to buy $Hive at a 'discounted rate'.
Trade safely (as always). A Squeeze leads to large price movements up or down. While we are all hoping for a speedy Bitcoin recovery, we must always prepare for the worst.
Meanwhile, I'll be trading for some $Hive on Binance 🚀
No need to panic. Bitcoin is still Bullish in the long term (monthly Graph) ⬇️
The End
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