On Monday, Hive Blockchain Applied sciences Ltd. (NASDAQ:HIVE) reported file Bitcoin (CRYPTO: BTC) manufacturing numbers. The Vancouver-based Bitcoin and Ethereum (CRYPTO: ETH) miner produced 234 Bitcoin cash and a couple of,591 Ethereum cash throughout the month of October and now holds a complete stock of 1,350 Bitcoin cash.
The announcement follows file second-quarter earnings Hive Blockchain printed on Nov. 16, the place the corporate reported income of $52.6 million, which represents a 41% rise over the earlier quarter and 305% over the identical quarter the 12 months prior.
The record-breaking bulletins have not helped the inventory, nevertheless, which has been buying and selling in a downtrend since reaching a Nov. 5 excessive of $5.60. Hive Blockchain has been pressured downwards by Bitcoin and Ethereum as of late, that are buying and selling down about 17% and 13%, respectively, from all-time highs. This can be set to finish, nevertheless, as a result of Hive is signalling bullish a development change could also be within the playing cards.
The Hive Blockchain Chart: Though Hive Blockchain has been buying and selling in a constant downtrend, with the final decrease low printed on Nov. 18 at $3.67 and the newest decrease excessive created on Nov. 19 at $4.28. It has to this point did not make one other decrease low, nevertheless, which signifies the development could also be about to alter.
The inventory could also be shifting right into a tightening vary resulting from a decrease trendline that has been propping it up since Hive Blockchain shaped a bullish double backside sample on Sept. 29 and Sept. 30 on the $2.56 mark. If the trendline is acknowledged, Hive Blockchain could proceed to experience upwards and finally print the next excessive, which might point out an uptrend is more likely to type.
On Wednesday, Hive Blockchain was working to print a bullish hammer candlestick on the day by day chart. A hammer candlestick generally is a highly effective reversal sign, when discovered on the backside of a downtrend however Friday’s worth motion shall be wanted for affirmation.
The downwards consolidation over the previous 12 buying and selling days has helped to chill Hive Blockchain’s relative energy index (RSI), which was working scorching at about 73%. When a inventory’s RSI nears or exceeds the 70% stage it turns into overbought, which generally is a promote sign for technical merchants.
Hive Blockchain is buying and selling under the eight-day and 21-day exponential shifting averages (EMAs), however with the eight-day EMA trending above the 21-day, which signifies indecision. On Wednesday, the inventory tried to regain the 21-day EMA as assist however failed and depraved from the extent.
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- Bulls need to see growing bullish quantity are available and push Hive Blockchain again up above each EMAs, which can keep away from the eight-day EMA crossing under the 21-day. The inventory has resistance above at $4.21 and $4.45.
- Bears need to see huge bearish quantity are available and break Hive Blockchain down via the acscending trendline, which might probably trigger the inventory to print a decrease low and make sure the downtrend remains to be in play. The inventory has assist under at $3.75 and $3.41.