The last time HIVE saw any action in the bedroom on the charts was over a month ago - April 19th to be precise. If we talk abut any significant action...you know...3rd base or 4th base level action, it dates further back to 20th March! Over two months then! For someone who relies heavily on swing trades, this is just perfect.
It's been nearly a month since I managed to nick off any profit from a trade. And with the entire market "crashing," HIVE finds itself delved deep in to a very awkward "position."
I have said in the past that the 35-40 cents zone is a danger zone for for those who swing trade HIVE. This is the region where HIVE is suffering an identity crisis of sorts. It is confused whether to pump rally (Dada says "pump" is a term only novices use - after being around the space for nearly 6 years, if I still am a novice, then I am no better than the Bangladesh Cricket team who are still "learning" to play test cricket after 25 odd years), or to get sucked into the deepest pits of hell in an all mighty dump "price correction!"
Phew! That was a lot of play on words!
I have been frantically looking at the chart for any indication of any price movement. But nada, nothing! The market just became too stagnant, too boring and I can not be the only swing trader feeling this way. HIVE has been due for a pump for quite some time now and we keep telling ourselves "any day now!" It is not even a good consolation at this point.
Sure, one could argue that there were 3 opportunities when HIVE climbed to 38 cents but I mean seriously, that does nothing. We have gotten so used to the regular "big" rallies, that a pump of "2" cents hardly feels like anything! More play on words, that's how bored I am!
Finding other sources of profit within the HIVE ecosystem
And no, I am not going to talk about games! Too mainstream! Instead, I will share a "secret" method to leverage your HBD to turn more profit than just simply letting it take a nap in savings. This is definitely not financial advice and if you do get burned taking this idea in to consideration, you should self administer cold water to the burnt area because I too will be very busy applying cold water to my burned areas!
I had ~1.1k HBD lying idle on my storage account and I had been eyeing the 30 cents mark to buy in. But things have been so stagnant that I finally ended up pulling the trigger and gung-hoed in and bought HIVE at roughly 37 cents average.
Screenshot from Hive's internal market
This chart does not look a very pretty!
My target with HBD trades is pretty simple and straightforward. Whenever I buy HIVE with HBD, I am always looking to cover at least 20 percent of the profit with I would have gotten anyways had I put all my HBD into savings - difference is, I expect this turnover to be much, much faster than having to wait one whole year.
So my 20 percent profit from a buy in at 37 cents would require me to sell HIVE at at least 44.4 cents. The massive sell wall starting from 40 cents makes the prospect of having to wait a bit longer than I would have liked very much on the cards. However, I expect we will definitely see some movement before the year runs out, don't you think. But crypto is a funny place. Much like Cricket! And in the unlikely scenario that I do get burned in this trade and HIVE keeps crashing down to sub 30 cents levels, I can always fall back to the age old excuse of "we learn something new with every trade!"
Learning forever!
I will have a sell order at 45-46 cents, just in case!
But hold on, what's that?
Hang on a second, as I clutch on the last straw to stay afloat, it seems there MIGHT be an ascending triangle forming on the 4 hourly of HIVE chart! I might be completely delusional though.
Screenshot from Binance
Even I know this is me stretching things till the elastic band gives up, but I am a mad man. I will just call it then shall I!? The next HIVE pump will be on 25th of May (+/- a couple of days)!