Hive tends to trade in a relatively tight range. When you look at the pricing for HIVE, it establishes new highs or new lows, then meets in the middle and sits there for a while.
While this is a perfectly normal activity, I think HIVE tends to do it longer than most cryptocurrencies -- at least, HIVE does it more often than the other currencies that I trade heavily.
With this in mind, HIVE doesn't only trade sideways like many lead you to believe. I have spotted quite a few posts here that say that HIVE is a very narrow currency and not one that is worth trading.
I find this to be completely off base.
I continually make trades on HIVE and keep a revolving set of buys/sells in at different levels in order to
- pick up cheap HIVE on dumps
- sell some HIVE above market on pumps
It isn't rocket science and it also isn't time consuming. Trading dozens of assets at the same time is made easier by the technology that we have at our fingertips.
HIVE has recently rallied to a prior support level at about 2400 SATS. I expect HIVE to consolidate back down to the 2200 range (yellow line going back into purple zone).
Once that happens, I expect HIVE to consolidate for a few days as it re-establishes its baseline. After that, I am looking to see one of the following two things happen:
- HIVE will breakdown to the next support at 2k sats
- HIVE will breakout through the current resistance it faces at 2400 sats.
How am I playing this?
I am a buyer of HIVE underneath 2200 SATS. If we breakdown to 2k SATs, I will look to increase my position size by 2-4x. A continuation doesn't seem likely to me, but if it happens I will look to increase size again at the bottom support (probably around 1800 SATs)