HOT Fibonacci Channel

10 Apr 2021

HOT seems to be rising inside of this Fib-channel.
It has been consolidating for the past few days in between 0.786 and 1 channel.

RSI seems to be on the low side.
I expect further consolidation in the previously mentioned channel between 0.786 and 1.
If we manage to stay above the 0.786 line I expect a steady climb with a big chance of further breakthroughs on the upside. Getting back into the 1 to 1.618 channel seems very possible in the short term, given the current influx of money into Crypto, especially in 'low-priced' coins and tokens.


Thank you for taking the time to read my idea.

Feel free to comment and share your opinion.

If you think I'm wrong, be sure to tell me why. This would create a great learning opportunity.

Best of regards,

Arne.


This is not financial advice, please do your own research. Knowledge is your greatest asset.

10 Apr 2021

Nota

Please look at the comments to find my updated chart.
We barely fell out of the 0.786 channel, it seems like the trendline is acting as a support. It also correlates to the close of one of the previous ATH's on March 30th (represented by the thick yellow line).
I still expect to see a further consolidation inside of the 0.786 channel.
However, I do see the possibility of retracing a bit farther, as the daily RSI is still above 50 (56.4 at the time of writing this update). If we do happen to close our daily candle below the 0.786 channel I expect a further consolidation inside of the 0.618 channel.

I do not expect a drop further than the bottom of the 0.618 channel. However, I am no financial advisor nor an expert on the matter. I just enjoy writing up and sharing my opinion on the matter.

I have been a firm believer of HOLO since early 2020, I got in at about $0.00069 on average. Seeing the progress of the development team makes me all the more excited to try and analyze HOT using TA instead of relying on fundamentals only.