I have talked about this several times in my previous articles. Hive is one of the best cryptocurrencies with which we can do some swing trades. Of course, we should be observing the price and the market situation and there is also a huge risk involved. But I personally think that when it comes to swing trades Hive is the best place and it has worked out really well for me. Just that I don't trade much but it looks really positive.
I know for a fact that swing trades are possible on a lot more cryptocurrencies out there. It is purely based on the luck and tactics of the individual doing the trade. Understanding the price of the cryptocurrency and the ecosystem is also very important. In the last few days/weeks, the price was really good and we also had a short pump on Hive. This time I was ready with some liquid funds in hand to make use of this opportunity.
If you look at the above 30 days graph from Coingecko, we are able to see that the price of Hive had decent ups and downs and it was as low as 48 cents and as high as 60 cents. This is where we can do swing trades. I was fortunate enough to grab some Hive from trading by making use of this opportunity. This doesn't happen quite often. We had a nice and decent pump maybe because Hive had a Hard Fork two days back. I'm sure many people would have made use of this opportunity to do swing trades.
I purchased some Hive at around 50 cents and sold them for 60 cents. The next time when the price went back to 50 cents, I bought again and this time I did not wait till 60 cents and I sold them for 55 cents. Now again the price has gone below 50 cents and I have bought Hive again. I'm thinking that the price may not recover as fast as the last two times but this time my target would still be 55 cents and I wouldn't worry much even if the price of Hive goes to 1$.
The funds I have right now in hand are exclusively for swing trades. Whenever I place a buy order I think in mind that 50 cents are a good price to purchase Hive. I don't care even if the price of Hive goes below that and I would be willing to hold the Hive for the long term. Again when I place the sell order I think that I'm booking my profits on Hive and taking the cash out. This thought process would let me not have any hard feelings over Hive if it goes down or goes up. This way I'm able to do some swing trades. Some people might ask me to wait for Hive to go till 1$ and then sell it. I'm ready to wait but that's a long-term goal and I have some funds reserved exclusively for that purpose.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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