Long term outlook
Updated
Providing a quick update looking at the 6 day time frame. First, it is really important to eliminate the noise that exist with everything associated with hive or you will be frustrated, especially if you have a short term hodl window. That is why I present the 6 day time frame , which is showing the bullish trend is still intact. I have highlighted some key facts that currently support this view. Obviously things can change and I will update later this week.
Comment
Volume on April 28th was the lowest since November 13, 2020 and volume has since start to increase. Beside pre-market volume for open market breakout scalping, this is the only time I analysis volume, majority of trend changes occur on low volume, which is followed buy slow gradual volume increase.Comment
It appears the yellow wave is playing out and was confirmed yesterday. I guess the question now is how low does it go, will the descending triangle come to fruition those are answers that will be answered tomorrow. I identified an area for ideal support but the yellow support of the base of the descending triangle could be visited. It could even blow through the yellow support to create a bear trap. The immediate and near term price action is bearish the 6 day is long term and is still bullish. Comment
Comparison of the other miners percent change during April, with comparison to BTC and ETH. Notice that Bitfarm and Hive are the leaders and there is a slight decoupling, not significant at this moment but something to monitor. Comment
Yellow wave was actually confirmed on Monday, lost track of days.
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