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...