This morning while the DOW is down over 100 points shares of penny stock HIVE Blockchain Technologies (OTCMKTS: HVTBF) are catching a bid as the stock is up over 20% so far this morning on over 2 million shares of volume to make it one of the most actively traded stocks on the US OTC market. Its primary listing is on the Canadian Venture Exchange (CSE: HIVE) where it has done over 7 million shares of volume so far today. That is over seven times its average daily volume. The stock tends to come alive when Bitcoin has one of its periodic rallies back up towards $10,000, which is what Bitcoin has done in the past few weeks. Take a look at the HVTBF chart.
There is a lot of excitement today on Twitter over this action in HIVE Blockchain as you can see from these tweets:
$ETH price catching up with $BTC's rise and so the beaten up horribly, ETH – miner $HIVE.v $HVBTF is getting noticed. Volume is coming in big.— Peter ⚒ Spina (@goldseek) February 7, 2020
Need to dig into what the fundamentals of this stock is worth at various ETH prices unless anyone else follows more closely? pic.twitter.com/50beMGHlcD
As you can see from chart Ethereum broke out above the 50 day moving average which has been often a bullish signal and is according to our oscillators not over bought. The trend is your friend as long as above 50 MVA according to many technical traders $HIVE.V mines Ethereum pic.twitter.com/y9d7yvQCJx— Frank Holmes (@bulldogholmes) February 7, 2020
I personally am not a big believer in Bitcoin the way so many people talk about it and put out a major warning back in 2018 that its giant price swings are in part manipulations by a few major crypto giants. Nothing has changed in that regard, but with all that said there is no doubt that stock market traders are very hungry now for trading ideas and are ready to catch the waves. We saw that in the past week with the wild run in Tesla (NASDAQ: TSLA), in what has been an epic short squeeze for the history books.
Shares of HIVE are up too much for me to want to buy it today. I just am not into chasing price action. I’m personally more interested in a small cap cannabis play that has not had a big move yet and I think is positioning itself for one.