Bulls are still holding their position in Hive!

Hello and welcome to episode 18 of TA (Technical Analysis) Today we are diving into The Hive Token!

Hive has been trading somewhat in the same range for over a week now and looking at the price action, it seems that this range is also slowly getting smaller. In such situations, the longer the price stays in a range, the bigger the move is expected at the time of breakout. Currently, the range I can understand on the safer side is between 0.45 to 0.55, which means sustaining the price outside any of these two levels would be necessary.

But after trading in crypto, I have noticed one thing 1000s of times, there is a lot of trap trading here. However, trap trading is also a part of trading. Nothing is easy in this seemingly easy market. so it is important that you do a thorough analysis before planning any trade because, after a failed breakout, when a directional move occurs, the market usually becomes even more volatile.

So even though we know a range but we have to wait for confirmation after the breakout and also depending upon your type of trading you will have to plan and follow a strict SL. Since I trade only some very good tokens, I buy on supports instead of taking SLs most of the times. So in Hive I would either buy some tokens after the breakout with bullish confirmation or add some quantity on the supports. However, looking at the recent price action, it seems that the bulls are still active in Hive and there is every possibility of another upmove coming.

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