Should We Expect A Bullish Market On Hive?

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(Edited)

Happy weekend, guys. So I noticed today that BTC is slowly rebounding from its bearish trend. As of yesterday, bitcoin hit $23k once again. As all the currencies are becoming more positive, I quickly returned to my chart to study the hive market and see what was occurring there. However, I have been monitoring the market since this week since I had some hive in my binance and wanted to trade them because I needed immediate cash.

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In the HIVE/USDT market, I've seen a little break out in the trend line of December 2021, as well as a sequence of equal lows underneath, often known as "sell side liquidity" in the weekly timeframe. Those familiar with the SMART MONEY concept would understand. Some traders that trade well with trend lines would agree with me that a break in the trend line higher indicates that the trend may continue upwards, however for the smart money idea, you'll have to wait for specific confirmations.

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The sellside liquidity (series of sell stop orders, stop losses) is being taken out viewing from the daily timeframe, and there is a shift in the market structure to the up side, though not fully confirmed, and the RSI shows an overbought in the daily timeframe, but in the weekly timeframe, it shows that there are pretty much bullish market to cover up.
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Because of the difference in the RSI chart in various time frames, I believe there will be a little pullback downwards in the daily period, most likely to fill imbalances or the fair value gap (FVG), as illustrated below.

I'm still looking out for the market to get to or take out these specific buystops hopefully with time.
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However, I'm not a pro trader and this is not financial advice. Trade carefully and never risk money that you can't afford to lose.

Thank you for your time.
Have a wonderful day.

N/B:All photographs were screenshots of my trading view chart taken by me with my mobile phone.

Posted Using LeoFinance Beta



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