I couldn't help but notice that Hive was back down to around $0.40 again today which is obviously disappointing given the recent spike to $0.60.
I did sell some during that spike and I've since had it all bought back thanks to lower limit orders I had on the internal market, but the spike and then retraction got me to wondering the extent to which Hive follows the bTC price?
I don't do technical analysis, so I just quickly compared the month trend for both with year trend.
You can see from the comparisons below that there have been four major sudden spikes in the Hive price relative to BTC over the past year, the month is really just to zoom in on the most recent, and that was tasty!
The trend seems to be that BTC is stable-ish in price for a month or two and then off the back of that there's a spike in the Hive price, so maybe larger purchases of Hive are something to do with people either feeling optimist or just plain bored after a relatively stable period.
Overall, however, the price of Hive certainly follows BTC and what we aren't seeing is a sustained rise in price relative to BTC.
Month trend
HIVE
BTC
Year trend
HIVE
BTC
Conclusion...
I guess the smart move is to NOT power up all yer Hive, it seems like it's a good coin to sit on a trade periodically.
The only problem is that if you're waiting to profit from a 20% spike then you're likely to have those upper limit orders sitting for an average of a couple of months!
But if you can make a 20% gain 4 times a year, then it's better than either having HBD in savings or sitting on Hive Powered Up, that is for sure!
That's of course IF another spike happens....
I mean this is crypto, so who knows!
Certainly for me it's a case of buying now for Hive and then getting some sell orders in around the $0.60 mark.
I think that's going to be an easy route to 100K Hive by the end of the year, but that's just me, defo not financial advice, of course not!