Hive Analysis with Bollinger Band

Bitcoin price started the week stronger than the last two weeks. In previous weeks, while the price was rising during the week, there was a sharp price drop on the weekend. The fact that the weekly close was not above $68k created doubts among investors. This week's close was not at the desired level, but it was important to hold on above $67k. In fact, it is possible to create many scenarios for the short-term price change of bitcoin price.

Within two months, ETH ETF approval began to be discussed. However, an immediate attack came from the lawmakers. An investigation was opened against the Ethereum Foundation. This indicates that ETH ETF approval will be quite low.

(Tradingview Hive /USDT 1D chart)

Hive price moves in direct proportion to the Bitcoin price. It has been in the upper band of the Bollinger band in recent weeks. The decline in Bitcoin price pulled the hive price to the lower line of the Bollinger band. The price even dropped beyond the line. When there is a decline towards the bottom of the line, this often creates a buying opportunity. As you can see in the graph, the recovery was achieved in a very short time.

Hive price rose as high as $0.415 after the weekly close. The increase in the other chain also affected hive, and the hive price also increased. This increase in Hive price bounced off the middle line on the bollinger band, the current price is $0.394. It is difficult to be clear about which direction the Hive price will go in the short term. It is also useful to follow the bitcoin price when trading Hive.