A roller coaster ride!
Last night, when I retired to bed, the value of my MEXC wallet was 91 USDT. When I woke up this morning, it dropped to 77. I checked what happened and saw the price of HIVE breaking the 78.6% Fibonacci Retracement at 0.3148. I shared in the Leo threads last night that if ever HIVE touches that number, I will find a way to deploy more capital. I never thought that my wish would come this early.
That's the good thing with micro-trades. Emotion is not involved because the loss is manageable. Unlike those who trade thousands of dollars, perhaps they are in panic mode right now.
Looking for capital to buy HIVE at this sale price, I observe that 9 USDT is available in my wallet. I never thought that my sell order of SPS at 0.007350 was executed last night. I sold 1,231 SPS for 9.04 USDT and used it to buy 28 HIVE at 0.3207.
After a few seconds, I saw HIVE bouncing back, and my wallet recovered 6 USDT back to 83. I saw a green candle. But as they said, HIVE is a different animal that does not follow technical indicators. I think they're right for HIVE breaking all technical analysis dropped as low as 0.2505, as if it wants to return to the price where it started a rally from December 19 last year to January 7 this year. The price then was 0.2110.
And so the value of my wallet dove deeper from 83 to 66. I don't know where I could find additional buying power at this point. I consider this a rare opportunity.
My trades on MEXC are just for fun. It is nothing serious. I don't see it as an investment. It is just a speculative short-term play, hoping that the gain I will be receiving from my trades will be sent to my Hive wallet. It is on Hive that the real thing is happening, and I don't care what the price of HIVE is right now. The more it goes down, the better for me because I consider my current HIVE power (HP) too small for my curation activity.
Even though Hive ignores Elliott Wave Theory, Fibonacci Retracement, and other technical indicators, I still find them useful to monitor the current sentiment of the crypto market.
My guess is just as good as yours. This is a probability game. Even though the market seems very volatile now, I don't see a huge volume accompanying the current selling spree. I interpret this more as profit-taking after a strong price rally from December 19 to January 7.
Instead of joining the panic sellers, a Hivian who believes in Hive's long-term prospects should take the current bloodbath as a chance to accumulate more HIVE. If you don't have available capital, just like me, it's better to sit back, relax, and enjoy your coffee.
