The crypto market is currently very much favorable for swing trades. The price of BTC suddenly goes up one day and down another day. This creates an unpredictable situation in the market. Some of the altcoins also had their highest pump in the last few days including Hive. The price of Hive reached 42 cents in the previous few days but it was favorable only for people who had a lot of liquid Hive and those who used this opportunity to trade in the market.
A few days back I decided that I should be booking my profits somehow. I was going to power down some Hive and use that to book my profits if the price of Hive was going to 50 cents by any chance. But right after I wrote that article, the price of Hive came down to 29 cents again. It was expected to happen but I expected it to happen gradually and not suddenly.
Overall I'm able to see a lot of swing trading opportunities in the crypto market. The price of XRP reached as high as 2.74 and then it dropped back to 2.32 and was staying there. Later the price came down to as low as 2.07 when the market was not doing well yesterday. I was thinking of buying XRP back if the price was going below 2 dollars but it did not happen. Another example of the same thing is with the DOT coin. I bought DOT when the price was close to 40 dollars in the previous bull market but I'm still holding it because the price hasn't even reached 10 dollars yet.
Coming back to swing trading on Hive, I bought some Hive when the price was 32 cents thinking that if I'm lucky there can be another pump and the price of Hive can go as big as 40 cents again and I should be able to book profits again. As the market is going up and down again and again, it is a swing trade opportunity. I can sell when the price improves and again buy back when the price goes back to 30 cents. As long as the market is favourable we can keep doing this.
There is also one more thing we can understand from this. For doing swing trading, we can be open about a few things where we should be okay to hold Hive if the price of Hive goes lower than our bought value. We should also be okay to sell Hive even if the price of Hive goes higher up than our bought price. If we know how to understand the market, we can always find this swing trade opportunity in the market.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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Posted Using InLeo Alpha