Reading The Weekly HIVE/BTC Chart, But Definitely Not A Financial Advice! March Edition.

First of all, I'm not a trader or an expert, nor do I know what I'm talking about. Anytime some random dude online gives you financial advice, take it with a grain of salt.

Nevertheless, I've been playing the crypto game for some years now, and although I'm not a filthy millionaire I managed to make some nice profits during the years as I was learning how to play this game.
I have a hard time reading charts, not to mention giving accurate predictions, but still, there are some indicators I follow that never turned me down.
Today I will try to give you my overview of the HIVE/BTC pair and what the future might be hiding for it.
Why is this pair important for us?
The crypto history is full of examples of coins coming and going, but Bitcoin has been the first crypto and it looks like it will remain that way. That's why HIVE/BTC is a great way to try to have an outlook on HIVE's future price moves.

I will share only one chart and one chart only and that's the weekly chart.

Let's start from the top where we see the price, every candle is representing a weekly move. The yellow line is the 20-week moving average. The weekly moving average basically gives an idea if the trend is bearish or bullish. In other words, when the price is below the 20 week moving average it's generally a good time to start accumulating the coin, when it's above the line the price is bullish and possibly a time to collect some gains.

As we see from the current chart we have just gone below the line. Does this mean it's a good time to accumulate? I don't know! What's for certain is that in early 2021 we had a bottom at around 300 sats and we have been grinding slowly up ever since. As a general rule, I watch the long-term trend and speculate that if a trend is heading in one direction it will continue to do so until there is a shift in the direction. These trends take months, sometimes years to change their direction. Right now it looks like we are in no-mans-land territory.

Let's check out the MACD chart where we can see trends easily. All I care about in this chart is where trends flip. The MACD is a good indicator for that. Every time the blue line crosses the red one most of the time we are going to experience a shift. As we can see in early 2022 we had a crossing and it looks the MACD will be going down. This indicates that there's a possible shift in the trend.

And finally, let's check out the RSI (Relative Strength Index). This indicator gives estimates if the asset is overbought or oversold. If it's below the 30 mark it's generally considered as an oversold indicator and these are generally the good times to get in the market, when the asset is oversold, generally above the 70 mark the market is overheated and it's generally a good idea to take some profits.

After all, no one indicator will tell you when to sell or when to buy but they are giving good signals about what to do with my portfolio. Watching at the current market conditions, I have a feeling that the price of HIVE is going to depreciate in BTC during the next following weeks or months, considering that we are below the 20-week moving average, the MACD is heading down and the RSI is around 50. Of course, none of these indicators is a guarantee but it helps me navigate.

So is it a good time to buy HIVE?
If you do your research and believe in your project I reckon it's always a good time to buy your favorite coins. Bitcoin is a great example of that. I truly believe that HIVE has a huge potential as a blockchain project and regardless of the price, I will be accumulating as much as I can tolerate the risk it brings with it. We need to remember our history avoid repeating it, and I clearly remember what happened to STEEM. I believe HIVE will ultimately make it way past its current price. Believing is one thing, making things happen for real is a completely different story.

Have a great week and stack some!