As the weekend unfolds, so are my chronicles of this event, which I was waiting for a month or so. If this is the first time reading one of my posts, here the TLDR:
- during the last few months, HIVE experienced a more or less regular pump and dump around 4-5th of the month
- these pumps came all from Korea
- the jumps were usually 80-100%, and the support level after dump was $0.8
- during the last 2 weeks, though, a significantly more consistent pump occurred, stabilizing the price around the $2 mark, with tops as high as $3.41
- given all of the above, I thought it would be interesting to follow up the 4-5th of December, to see if the recurring pump will happen again, which may create some sort of a compound momentum for HIVE, hence the name "the Great Santa Pump"
So, after, yesterday's Bitcoin flash crash, things seem to have been settled. Apparently, the crash was coming from the derivatives market, many traders being liquidated (as much as $2.6 billions lost in liquidations, apparently). As of now, BTC is trying to hold on to $49k, after gently caressing the 42k level.
Apart from a crash to 3100 satoshis during the same time frame, HIVE didn't do anything spectacular. Yes, it tried to jump a little, and it did so until around 4214 satoshis. But then it immediately came back down, all this in an 8 hours time window. At the moment of writing, it also tries to hold on to 3600 satoshis level, but things seem slippery, so the continuation of a downwards slope looks plausible.
But, and here's where's the interesting part: it seems we became so accustomed to huge pumps, that a 25% move almost leaves us cold. Almost. I, for one, I believe this is a consistent attempt, but the fact that it couldn't hold tells something. Namely that the resources are a bit thin now. It may also mean resources are ok, but there is a bit of an indecision regarding the direction in which to spend them: pump or dump. Looks like traders are a bit risk-averse now, sitting on their hands, waiting for... For a new Bitcoin rally? We'll see.
As for the Great Santa Pump, we're theoretically, still inside the time window, so it may manifest. I'm not holding my breath, though, seems like this was it. Of course, if the market contradicts me, I would be more than happy.
As usual, this is not financial advice, DYOR and never invest more than you can afford to lose.
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@dragosroua. Santa 🎅came 🐫 last night 🌃 and I missed the 1.90 level for selling to early. I won $5 but lost opportunity to gain $30.
Today I will be expecting Santa 🎅, again. As I see he is continuing coming at late night 🌃, close to 12. 😂😅🤣😂
Good catch :)
Hive is actually holding really well, hopefully we get higher prices in the coming days
Let's see. If BTC rallies up, as many expect, it should take a punch or two as capital flows into Bitcoin. But on the next leg down of the BTC, yes, we can expect a few (very) nice surprises.
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A Santa 🎅 spike on morning December 7th. Looks he didn't disappear at all. The spike is at 1 minute time frame, like a blazing star 🌟 over the sky
Santa was here
Hive is looking strong among other altcoins. Consolidation phase continues and we may see another break through. What do you think will we see hive at 0.9 to 1$ in upcoming months?
Most likely.
The reason for the pump is only Korean traders?
In terms of volume, yes. As much as 80% of the trading volume comes from Korea.
If 80% are korean traders then it is expected its price will dump in coming months.
I feel like, once HIVE reaches the top 100 by market cap, the price will really start to take off :)
Currently at 3630 SATS I think Hive's performance have been great we might be seeing it reclaim $2 if things go our way this week.
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Finally I changed to the pair hive /Btc in order to follow the discussion.
I bought some hive at 3614, 3580, 3480, and 3400. Every time it falls from Last price I buy.
I still hope Santa 🎅 will arrived by December 24
Let's hope so, but by the way it looks, it might be more of a late February / March situation.
Santa or not, it is a good time at any other to keep on staking some more Hive. Just thinking of the Speak Network airdrop from next year should motivate us enough to do that. Now if we can also play the market a bit, that's just the cherry on top.
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Everybody seem pretty pumped up about the Speak airdrop...
The pump and dump will continue untill Christmas day, and we may see dump in the month of february.
... and we're below 3000 satoshis. My buy order just went through. I wonder if we're going any lower.