This year seems to be flying away! Half of 2024 is already gone, and after a few months of craziness in the markets, we're coming to what apparently is a cooling phase, with prices bound in a range: BTC price has been bouncing in a 10k range for the last couple of months... will it stay here for long? I would say this next week we're going to move a little to the upside but hey, market will do what it wants, as usual; even if it doesn't fit our projections or what is the most likely scenario.
Meanwhile on Hive, time for another monthly recap on my account. It has been a busy month, and less time here (which seems to be the norm in these past months...); here are the numbers:
| Jan 2024 | Last Month | May 2024 | |
|---|---|---|---|
| HP | 10930 | 11884 | 12056 |
| LEO | 1846 | 2164 | 2215 |
| HBD | 1416 | 1718 | 1263 |
Another 172 HP added, finally surpassing the 12k mark!!! I had my eye on this number for quite some time, and I'm really glad I got here. As for Leo, only a 51 Leo increase; and in what concerns HBD... a whole lot less??
Playing the long game
INcrease my HBD stake for passive income is one of the main strategies for this year; but given the current market situation... this seems a too good opportunity to pass:
Hive is currently trading at 0.2175$, and as you can see on the daily chart, it's near the lowest it has been for a long time. Zooming out to the weekly chart, a few more interesting details:
We're at a weekly support (and also a monthly support, I've checked!), and the RSI is in almost oversold territory (RSI is an indicator used in techical analysis; here's a link with a decent explanation about it).
*What does this mean? *
Well, can Hive price go down even more? Absolutely.
Given that we're in a huge support level with indicators showing an oversold price, is this an awesome buying level? HELL YEAH!
So that's wht my HBD savings are down: thinking long term and believing this blockchain continues to deliver and grow, the upside potential is huge. So I've decided to take out some of my savings and have been dcaing on Hive these last days, reaching over 2200 liquid Hive. I'm not much of a trader, but should prices go up soon (and I believe they will!), I'll be able to get back my savings and some more, and hopefully also increase my HP!
There's always some risk involved; but no risk, no reward, and this seems a perfect time to do it!
Looking at BTC weekly chart, also one nice detail:
Last week's candle is called an inverted hammer, one of the candles I like to see the most: it normally means a trend reversal after a downtrend, and here we see it found some support at the moving average of the last 20 days. Yes, I know, this is as basic technical analysis as it gets. And if we compare with last cycle, we notice BTC almost hasn't dropped - comparing to last cycle, where after an ATH dropped around 60% - but with ETFs, increasing adoption... maybe this is as far as we drop?? And it BTC goes up, alts will follow soon!
Cryptoshere should be seen as a marathon, not a sprint; it really doesn't matter if we dip a little more, if next year we are 10x from here, right? Crossing fingers that my strategy plays out! Who knows, maybe a dolphin can get so fat that will evolve to an orca! ;)
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