HBAR Nearing Completion of Expanded Flat Correction
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This is the weekly chart. A while back I published an idea that HBAR could be completing and expanded flat correction. This is an update on that, using the weekly chart - which makes things more clear. Here's why:
1.) Trend-based fib - has us ending correction right at the 1.618 fib, which is exactly what should be expected in an expanded flat
2.) EW wave count appears valid here
3.) Weekly support - we've so far held weekly support (lose this and this idea may be invalidated, however)
4.) 192-day Gann Cycles (for major pivots) - HBAR is 6 weeks away from starting its next 192-day Gann Cycle, which has so far worked quite well in its history for detecting major pivots (up or down)
5.) Falling wedge pattern on weekly - weekly chart shows a falling wedge pattern, where we've broken out of it and are currently re-testing near the top of the trend (and weekly support)
Falling wedge zoom-in, weekly line chart:
Again, we need to hold the weekly support area and remain above the falling wedge for this to stay valid. But, if this does turn out to be an expanded flat, we should start seeing some rather bullish movement in the coming weeks/months, which could even lead to a new ATH.
Also - be sure to keep an eye on Bitcoin Dominance when considering the alt market. It is nearing a major decision which will likely determine how alts behave, and that is likely to happen any day now. See related ideas below.
1.) Trend-based fib - has us ending correction right at the 1.618 fib, which is exactly what should be expected in an expanded flat
2.) EW wave count appears valid here
3.) Weekly support - we've so far held weekly support (lose this and this idea may be invalidated, however)
4.) 192-day Gann Cycles (for major pivots) - HBAR is 6 weeks away from starting its next 192-day Gann Cycle, which has so far worked quite well in its history for detecting major pivots (up or down)
5.) Falling wedge pattern on weekly - weekly chart shows a falling wedge pattern, where we've broken out of it and are currently re-testing near the top of the trend (and weekly support)
Falling wedge zoom-in, weekly line chart:
Again, we need to hold the weekly support area and remain above the falling wedge for this to stay valid. But, if this does turn out to be an expanded flat, we should start seeing some rather bullish movement in the coming weeks/months, which could even lead to a new ATH.
Also - be sure to keep an eye on Bitcoin Dominance when considering the alt market. It is nearing a major decision which will likely determine how alts behave, and that is likely to happen any day now. See related ideas below.
Nota
We are still presently above the wedge, above support, and above the 1.618 fib here on the weekly view zoomed in. It needs to hold these 3 for the most part, but even a drop to around or just under 3 cents would still be okay if it played out like this:Nota
We've begun the new 192-day cycle on this weekly candle. Expecting movement soon, still possible that a final dip may occur just beforehand as mentioned above, but hasn't happened yet:Nota
We've broken out of the 3 day chart's falling wedge as well now, and thus far have successfully re-tested top of the wedge:Nota
The chart above is a daily chart zoom-in on the 3-day chart trend, here is the 3-day chart's falling wedge zoomed-out:Nota
Note about Staking:Hedera recently added native staking, it went live officially on Nov 22nd, but actually started some days earlier.
Presnently, 29,504,615,199 HBAR are staked across the various network nodes, see:
hashscan.io/mainnet/nodes
That is just over 59% of Hedera's total supply staked on the network. Circulating supply is less than the number staked at around 24.4 billion tokens in circulation, total supply = 50 bln
A good bit of the staked supply is coming from non-circulating tokens, from folks like HBAR's founders, and they are foregoing staking rewards because staking is required to support the network.
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