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The Great Santa Pump (That Might've Never Happened) Chronicles: Episode One, The Descent To Hell

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Dragos Roua
@dragosroua
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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.

Posted Using LeoFinance Beta