Hello traders from far and wide, I played the big boys game in the noobiest way possible over the week, however minimal, it was successful and it sure feels good and signals the start of a new thing in this my entire crypto experience. I'm not a trader, I have the noobiest idea when it comes to analyzing technicals of a chart but after spending such a long time in the sphere, one thing I think I can do is recognize patterns, especially in a crypto like #Hive.
According to the big boys, they will crop out a table like this and begin to say a lot of stuff I'm yet to fully comprehend, this is a bitcoin against USD chart for those who are getting confused already. I wonder if there's any part of this chart that could have predicted the recent drop of Bitcoin to its current price of $11,500 just over a couple of days from its previous high of $12,300. Funny thing is that I used to think I sort of recognized Bitcoin's pattern after spending so much time watching it, although I expected it to correct to $11,700 range after hitting it's previous high which was right, but I never expected it will correct this much.
Back to Hive matters, in the last 30 days, I've spotted up to 5 instances when a noob trader could have bought low and sold high, thereby increasing one's holdings significantly, depending on the quantity being used to make the trades. Professional traders would have spotted more instances and made their moves when every other person were being sad about about the lows...they were probably accumulating more.
I marked the possible buy-in times with the red marker and the possible selling points with the green marker. A noob trader could have accumulated at $0.21 on the 28th of July and sold at $0.25 range on the 7th of August. This could have been repeated when Hive dipped around 8th of August and bought back in to sell at $0.27 range around 9/10th of August. Rinse and repeat, following the chart till this present day.
For me, I bought about 100 Hive at the $0.22 mark, and sold at $0.26 and bought back in at $0.24, which resulted in me getting back my initial 100 hive plus a few extra hive. I was not exactly serious with executing this trade so I missed the huge chance to sell at $0.32 which would have earned me more extra Hive. Now I sort of see why these price movements make Hive traders motivated rather than not. If done carefully one could continuously increase their holdings over the highs and lows.
It's interesting that this post sort of correlates with @khaleelkazi 's analysis only a few days ago. You can read it here, "Being a Hive User Gives You an Unfair Trading Advantage"...or perhaps I'm wrong and I only made a lucky move, I don't know, but one thing is sure, this move has definitely caught my interest and I'm going to start to pay more attention to it till I get it right. Who is with me?
Thank you for reading my nooby way of playing the big boys game...lol...crypto sure is a lot of fun..........when done right....
May the cryptos be with us.
This is not a financial advice, kindly do your own research before making your decision over what you've read here :).
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