Because Bitcoin fell so hard last night, dragging the entire market with it, I decided to have a look at our beloved Hive, and see how it does. Of course, I was also interested to see if there's something going on around the Santa Pump that I've wrote about a few weeks ago (and yesterday).
As you can see something definitely happened. HIVE fell too, until around 3100 satoshis (from the 3700 level which was considered support), but recovered in under 4 hours. At the moment of writing is hovering around 3850 satoshis. For the record, I use BTC values, and not USD, because of the high volatility. It's easy to get fooled by the USD value, whereas the real dynamic and value are to be found in the BTC pairing, or at least that's how I see as a healthy connection.
The fact that HIVE recovered almost instantly, and on relatively low volume, tells the following:
- still on very thin volume, you don't need too much to swing the party in whichever way you want
- somebody considers 3800-4000 satoshi a key level for HIVE, no matter where BTC goes (up or down, that is). The effort to maintain the price around that level tells there are some serious expectations for the token, otherwise they wouldn't spend that much just to maintain the level. Whether these expectations are up or down, though, that's a bit harder to guess. They may keep it here to have a higher level to dump from, or they may keep it here as a good basis for the next jump, drawing in more volume.
Anyways, that descent to 3100 satoshis was spectacular. And the weekend just started.
As usual, this is not financial advice, DYOR and never invest more than you can afford to lose.
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I think Bitcoin is over-hyped as it's just the one crypto that everyone knows about. The sustainability of mining ought to be more of an issue. $HIVE is doing okay and much better than 'the other chain' that I will not mention.
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With order books being this shallow, I think it would require just one whale's attention to move the price either way. The morning action pretty much confirms that. Also interestingly, the volume being made on the HIVE/KRW pair on upbit accounts for over 80% of todays volume.
Yeah, we already talked about that, there's a Korean whale / group of whales playing around. The question is which direction they choose to play.
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Given the price action STEEM has been going through four years ago, I think it's possible we haven't reached the highs yet. But then again, I don't know how likely it's for the history to repeat itself. From the psychological point of view, the more people believe it, the more possible it becomes. One thing is for sure, it's been interesting to watch what's going on during the last few weeks :)
HIVE has literally exceeded all of my expectations this year.
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I suppose I have no chance this year to fill my buy orders at 2000 Satoshi...
Definitely something big is going to happen.
There is unfinished business at 1450 - 1480 satoshis, so I guess under 2000 is a real possibility. We just don't know if this will happen before or after the big pump.
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Thanks for the explanation of why you are using the pair HIVE /BTC. I was going to ask that question 🙋.
Thanks also for explaining hive recovering in just 4 hour.
But what I don't get or understand is that if I expect Hive go down and BTC go up how does the ratio hive/BTC keeps stable? ❓
In plain arithmetic if denominator goes up faster than numerator, then the ratio must go down.
The only way to keep ratio stable is if both Hive and BTC grow at rate.
@dragosroua I like your continuous reporting on HIVE performance. I guess you are on the the few working ⚒ at this task
My explanation to this is: if BTC goes up, traders will want to chase it and buy more, hence spending HIVE to accumulate BTC, sending the HIVE price down. I don't know if that answers your question, or even if I understood your question correctly, but that's the general mechanism between BTC and alts, not only HIVE. It's an inverse correlation resembling a hate-love relationship.
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