Introduction
For some years, I have studied cryptocurrencies and the major thing I could not understand was what made the prices go up or down. After months of search and several courses and exchanges, I realized these cryptocurrencies are fueled by panic, rumors, and celebrities.
Wait, this is my opinion and I am entitled to it. If you have a contrary view, let me know with verifiable examples.
As I was saying, once you hear about a new coin, and see the announcement of the magnitude of funds used in its capitalization, you notice the price of that coin going up.
We all know what happened to Dogecoin when Ellon Musk came into the picture.
This was so frustrating that I even asked this question on Quora months ago. The questions got over 2k views but no response.
[See the link to see the question on Quora] (https://www.quora.com/unanswered/What-technical-factors-do-I-check-to-know-when-a-cryptocurrency-will-go-up-or-go-down)
My conclusion on this is that people just buy and pray it goes up and then sell. What if the price doesn't go up? Why are there no technical or fundamental indicators?
Why am I looking for this answer?
I hate gambling with hard-earned cash. I love to be sure as much as possible before I go into any deal.
After all the search, I decided to choose an easy solution.
##The solution
Before I go into the solution, let me first explain the strategy.
The strategy was to buy cryptocurrencies in an exchange in a way that you do not lose money.
It is that simple.
Here is what I did
I found an exchange to work with. In this case, I chose Luno.
Luno is a global exchange that lets you buy Cryptocurrencies and they provide you with a wallet where you can store these currencies.
Although Luno can let you buy a few cryptocurrencies, it is a great way to start.
On Luno, I just funded my local currency wallet and then went ahead to buy Ripple (XRP). I noted the price and the units I bought and then I set up an alert for when the price reaches 20% increase.
I created a calculator to help me determine this price point. [You can check it here] (https://dabusinessman.blogspot.com/p/luno-calculator.html)
Click here to see a step-by-step guide on how to setup Luno and invest, use the link
##Conclusion
With this strategy, you just buy and wait. However, the idea is to buy currencies that fluctuate regularly so that you can be sure of price movement daily or weekly. You should also check the chart before you choose which cryptocurrency to buy. I have covered all of this in my guide here