Providing a quick update looking at the 6 day time frame. First, it is really important to eliminate the noise that exist with everything associated with hive or you will be frustrated, especially if you have a short term hodl window. That is why I present the 6 day time frame , which is showing the bullish trend is still intact. I have highlighted some key facts that currently support this view. Obviously things can change and I will update later this week.
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Volume on April 28th was the lowest since November 13, 2020 and volume has since start to increase. Beside pre-market volume for open market breakout scalping, this is the only time I analysis volume, majority of trend changes occur on low volume, which is followed buy slow gradual volume increase.
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It appears the yellow wave is playing out and was confirmed yesterday. I guess the question now is how low does it go, will the descending triangle come to fruition those are answers that will be answered tomorrow. I identified an area for ideal support but the yellow support of the base of the descending triangle could be visited. It could even blow through the yellow support to create a bear trap. The immediate and near term price action is bearish the 6 day is long term and is still bullish.
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Comparison of the other miners percent change during April, with comparison to BTC and ETH. Notice that Bitfarm and Hive are the leaders and there is a slight decoupling, not significant at this moment but something to monitor.
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Yellow wave was actually confirmed on Monday, lost track of days.