0.1! That's By How Much It Missed...
In yesterday's post, among quite a few other things, I said something about HIVE, and how it would have been a good time break through the 25c resistance (psychological level), perhaps having a higher jump, if the market conditions allow for it.
Well, it did what I was kind of expecting and said there without mentioning any price levels, and last night HIVE had a small pump to 26.9c right to the first resistance level after 25c, then retraced back to 25c.
Did I take advantage of it? Nope! 🙁 Why not? Well... because I was lazy. That's the reason.
I always have limit sell orders set for HIVE on the internal market (and buy orders if I just sell some HIVE), and I had them this time too. Where I was lazy was at setting the limits.
I looked at the chart on the internal market without zooming in, and looked like 27c was about the level of the first of the first resistance upward. And that's where I set my first small sell order. So... about 0.1 higher than it should have been.
What I did has at least two problems:
- had I zoomed in, I would have seen the resistance was more like at 0.269 than at 27c, and would have caught this small pump
- I shouldn't have set round numbers limit orders (price rarely turns at round numbers, even if resistance or support is close-by)
To that we can add the potential problem that the price could have kept going higher, but that's an assumed risk, and that's why amounts for sell orders should go up with price, and not start with a high amount.
The resistance level at 0.269 was tested a few times in recent history. If the crypto market keeps going up, having another limit order there becomes riskier than I'd prefer (because it is more likely to go higher than to bounce back again). If the market enters another range, we might bounce from that resistance again. I wouldn't want to see another range movement so soon, but BTC is up against some serious resistances and alts don't seem to have the vigor to take over, only to go side by side with BTC. Let's see how next week goes...
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I don't have any liquid, but I'm happy if it gradually goes up. Big jumps make me nervous. I saw the 'other coin' is up too, but I can't see how it has any value. Probably just the Koreans messing around again. With the smaller coins people can shift them to play the market.
I want people to have more confidence in Hive generally. It has issues, but also potential.
Yes, it seems Koreans were at play again.
It's likely they play both of them, that's true. Frankly, I never watch the price of the old coin.
But the chart itself gave indications this was coming... I didn't have to be inside their heads to see it.
You have a point here, but price appreciation is a way to get people excited. And traders provide volume, which is fine for me, as long as they don't hold too much of the liquid HIVE captive.
I want to see people using Hive and not just speculating. We know it has utility and anyone can earn it.
That's the ideal scenario. I want to see them use Hive too. The more the better! 😀
This is why I often set my limit orders slightly lower + higher than what I expect to be resistance/support. I don't get the best price, but I get to have a better probability of trades getting filled.
I do that too sometimes. But I was greedy this time, since I thought it was too close to 25c and it was likelier (I thought) to go a little higher than 27c and come back below resistance if it got rejected.
The long term outlook seems to be improving. We should have better times in a few weeks. We should not overthink these short term price movements. Most of my HIVE is staked will will remain so at least until we reach above $1.
I agree with that and most of my HIVE is staked too. But that won't stop me from taking an occasional trade.
I am wondering, can't you set up a bot that buys at a level and then sells at an other level thar you set? Like almost a total automation except for the set levels
Of course you can. And there probably are such bots trading on the internal market. But like all bots, they aren't always profitable if automated. A limit order becomes an automated trade if the price hits that level. So, if you set the orders well, it's good enough.
I guess a few people have sell and buy back orders in a few places here and there, but many do not, and that's because we probably don't expect pumps. I didn't catch any of this because I was fast asleep and network was horrible. We didn't go that much up against BTC lately perhaps it's out time and maybe some more pumps will happen in a few days
Yes, I'm sure not many trade on Hive. I believe trading is a natural and generally good phenomenon in financial markets. Traders provide liquidity in the market, and I trade sometimes, but don't keep my eyes on the market all the time.
I don't know. We'll see.
the koreans are starting to get to move the price of Hive
yes, they did.
Given I do not trust ETH and other shitcoins I moved these assets also to become Hive - lt us hope I did the right move :-)
Interesting. You are not the only one who started to consolidate to Hive and (in other cases) to BTC too. It's good to see people trust Hive as the future of other projects may become questionable.
I consolidate mainly in Hive, BTC and stablecoins now - to many altcoins are either useless or I do not wanna have an overview of too many coins, the day has only 24 hours and I try to be a HODLER which I always been :-)
I agree. The more alts one has, the less likely it is to be well-informed about all of them without spending an absurd amount of time for that.
This happens to me too. I have been in this field for a long time and it seems that this is resistance, this is support, but still it becomes difficult to take a trade because of fear.
I actually had the limit order set. It was unfortunately a little bit too high (0.27 instead of 0.269).
https://x.com/jewellery_all/status/1916592858536222740
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You can't catch everything. I guess you have learned the lesson this time and you will zoom in next time when you set things.
Probably I'll make the same mistake from time to time again. It's not like I didn't know about them, but I was lazy (most likely because I was tired and had other things on my mind at the time).