Hello guys,
Coin Authority team is back with some tips on how to trade bitcoin in this bearish phase. As we all know, the crypto currency market is very unstable these days due to a lot of FUD and network congestion of bitcoin causing high fees (We expect this issue to be fixed in near future with the implementation of lightning network soon). Just today we have seen a news from Chinese media about restriction of offshore and onshore exchanges and operation of ICOs (initial coin offering) which caused further panic, instability and market cap losing billions of dollars.
BUT THE QUESTION IS, “HOW TO TRADE IN THE CURRENT MARKET AND STILL EARN PROFITS??”
Well, this is not really an easy task but we would like to mention a few steps to keep in mind in order to trade successfully in such bearish market. In fact, in any market conditions. Here are a few steps to consider :
Only consider trading coins that are traded in huge volumes on a daily basis. Our first choice is bitcoin which is followed by Litecoin, Ethereum, Ripple (we personally don’t prefer trading xrp tbh :D ) and Neo to name a few.
Be extremely patient before placing buy orders and look for important price levels from where the reversal could take place. Do NOT rush to buy anything taking blind trades. This could be very dangerous and result in huge loss.
Do NOT hold trades for a long period in bearish phase if you are a short term trader.
Keep booking profits be it small, or big. Because profit is profit after all. ;)
While trading these coins, also try to maintain your portfolio in USD value and try to earn not only bitcoins, but also try to maintain USD value of your portfolio for maximum gains. We personally prefer trading only bitcoin vs USD in this bearish phase because bitcoin plays a key role in moving the markets and when bitcoin dumps, altcoins are seen dumping as well.
If you are not so good in spotting important price levels and you don’t understand technical analysis, do not worry and just stay tuned for our daily updates. Let us know how you trade in the current markets or if you have any questions, feel free to comment below. Please upvote this post if you like it and want to see more posts from us. Good luck! 😊
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