A Sucessful Hive Stink Bid or Signs of What to Come?
A large amount of HIVE was dumped on Bittrex a few hours ago and I managed to purchase some at 2554 Sats! Was that pure luck or a sign of what is to come? I don't recommend gambling on the HIVE-BTC-STEEM market as you can and probably will lose money but if you are vigilant and experienced it can be both fun and profitable.
Last week I suggested the combined price of Steem and HIVE would be below 5000 sats much of the next 13 (now 12) weeks. Today, it hit that level and will probably drop lower as people take advantage of the higher than average price of the combined tokens, HIVE and Steem. Also, we are rapidly approaching the Halvening of BTC. I've flipped a few thousand for some meager profits, mostly taking advantage of large market orders. The yellow arrows are sells and the blue arrows are buys; I've sold a lot more than purchased as the trend is headed down.
I'm powering down both my Steem and Hive because the trends are ugly and the supply of the two just doubled with the fork. Not enough value is being created and too many tokens are being minted. I suggested burning some HIVE in Proposal 83, however, it's not very popular because some people don't care about having more supply or slowly losing money. Many still believe that the future is bright and demand will increase faster than the supply, reducing the supply should still lead to higher prices! While I don't suggest abandoning HIVE, I also don't believe the majority of us are going to get rich anytime soon and this cat wants to limit its exposure.
Still short both HIVE and STEEM.
FYI, I already sold all the HIVE which was purchased three hours ago.
If you want to lose money trading HIVE, Steem and BTC, go to Bittrex Referral link:
https://bittrex.com/Account/Register?referralCode=KGU-32I-CVH
DISCLAIMER: Don't day trade and I don't recommend buying, selling or holding any cryptocurrency. The only thing I recommend you do is to practice social distancing!
Posted via Steemleo