## <center> Good day Hiveians!</center>

### <center> Join me in analyzing the crypto markets!</center> 

 
&nbsp;

### Seems like we got another rejection

[That would make it #4 in terms of the bigger attempts of breaking out of this trend.](https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-hive-flirting-with-higher-highs) I do have to say I am a bit disappointed that Hive didn't manage to overcome this resistance. However, the weekly candle hasn't closed, so this conclusion is still a bit premature. 

https://images.hive.blog/0x0/https://files.peakd.com/file/peakd-hive/tobetada/23tHbKgeEoM7g9jMQ8vYzWQ6NrrkNDeyK4fsQfJX6fABfkeykGo7dXyM8a8N6fDN4621e.png

Here is the updated chart showing the big red candle; notice how price has now only little room before having to break down and thereby breaking the weak support (blue line). Also, volume has been extremely low for the last 3 months which explains why we couldn't get "in the air"; there has simply been too little interest by the whales to push up Hive's price.


![grafik.png](https://files.peakd.com/file/peakd-hive/tobetada/Eo6S6U412VY6Etd6a4fwsEWrKtWVVV1193d4HQSCu9f2Bp33aiLP2BqNHWzesqiCJMq.png)


### Strong fractal pattern

What we can see very clearly in the chart is Hive's fractal pattern. I'll show you the daily chart on which it is even more obvious. We can see the same pattern playing out for the last 2 years with the individual waves getting smaller and smaller. 


![grafik.png](https://files.peakd.com/file/peakd-hive/tobetada/23tHbKgyTtT8vB6uWDZ1eMkq7obKckki2tJ3t1gAXzCBwXP433hVoszLB72WwmspXRK68.png)

Here it is with highlights:


![grafik.png](https://files.peakd.com/file/peakd-hive/tobetada/23tHb6kVXfhNwU18pAvpFx27zBeSqLRgeWDEYhd2RwFbvAxn3LqikF96ivvJTtzjziKS9.png)


**It's clear that this pattern can't continue like this.** We cannot have another 6th wave fitted into this space. The resistance and "support" are now meeting firmly and one of them has to give up room. From the chart and previous observations it seems very clear that the support is much weaker than the resistance. We can therefore assume that the support will simply get lowered once again. *That of course isn't really great, since there is no support until the 15 cent area.*

### Conclusion

It's been psychological touch for Hivers; every couple of months there is hope for a bigger breakout and a trend reversal, but then we only fall back into this downward trend. Of course this just mirrors the entire crypto market. Getting another rejection now signals to me that a drop is much more likely than a push upwards. However, there is still a chance for price to find support at the blue line and break up. If it does not, I think it is very likely we could actually fall back down to the dreaded 15 cents area - but we know that that will be rock bottom (right?).

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*As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!*


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