Just this morning, I approached a friend asking for advice in jest. I told him that perhaps something was wrong with me. I could identify at least three examples that which I struggle to understand the dominant sentiment.
The first one is with the pandemic and the lockdown. I could not relate to the emotional instability of the many people I know.
The second example was the recent outcome of the Philippine election. Many of my friends got depressed when their candidates lost the election.
And the last one is the current crash of the market price of cryptocurrencies.
Perhaps, that personal disaster I experienced in 2009 altered my emotional makeup that made me like this.
I am not sure if the use of technical analysis is still applicable to the present movement of HIVE’s market price. Let us just assume for now that it is still applicable. Using the 61.8% Fibonacci retracement as an indicator, which is the popular opinion as to a healthy pullback of any financial instrument, HIVE should have resumed its rally in December last year at $1.36. But such support was not respected. The next base was found at $ 0.80, the 78.6% Fibonacci retracement, but this one too was broken down. Does it mean now that are we supposed to anticipate that HIVE’s price will return to its original base of $0.09?
Utilizing another indicator, and this time it’s the Relative Strength Index (RSI). Based on Investopedia, “an RSI reading of 30 or below indicates an oversold or undervalued condition.” With an RSI at 25.90, one can easily see that HIVE now is extremely oversold.
Grace and peace!
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