How I Gained 60 HIVE in 24 Hours: A Simple Swing Trade on Bitget
Five days ago, I bought 16.22 USDT worth of HIVE @ 0.0595 on Bitget. The total quantity was 272.77 HIVE. Yesterday, when I saw HIVE jump to 0.065, I took it for granted. I thought it was just a fake rally like before. However, after a few hours, I observed HIVE climb up to 0.083. That's the time I decided to sell 24.75 USDT worth of HIVE @ 0.0825. I sold a total of 300 HIVE.
I do not know the reason behind that 40% plus run in HIVE's price. To capitalize on such a momentary sentiment, I thought of buying back HIVE once it returns to near the price before the rally. To identify an entry point, I utilized the Fibonacci retracement. This is a popular technical indicator used in the stock market to choose which % pullback a stock trader wants to have a position in. Even though many question the applicability of such an indicator to the crypto market, like HIVE, I still use it in buying back the HIVE that I sold yesterday on Bitget.
As you can see in the chart above, there are three possible entries:
50% Fibonacci Retracement at 0.07876.
61.8% Fibonacci Retracement at 0.07405.
78.6% Fibonacci Retracement at 0.06736
An hour ago, I bought back 24.71 USDT worth of HIVE at 0.0686, not exactly the 78.6% Fibonacci retracement, but at least near it. I bought a total of 360.34 HIVE. I might have bought back too early, but that is no problem with me. The important thing for me is that I gained 60.34 HIVE in just a small trade. This incentive far exceeds the content creation and curation reward that I usually receive.
An afterthought. Perhaps, if I had had bigger capital five days ago, my gain would have doubled or even been 10x more.
Upbit exchange has bought hive but I don't know why
As expected, the Koreans via Upbit did it. 😄