To be a beneficiary in crypto, you must be up to date with news about this niche. You must continuously acquire more knowledge, you should not be caught unawares.
To be a successful cryptocurrency trader, one has to be dedicated and knowledgeable about the market dynamics.
Our focus today is trading crypto in this season of bull run.
A bull run is a season in the cryptocurrency ecosystem where investors’ demands are more than supplies. Various optimistic sentiments increase market confidence thereby leading to a rise in prices. When in a given market, you notice a price rise, it could indicate that the majority of the investors are becoming “bullish” and confident that the price will go higher. Bitcoin halving happens to be the determinate of the next bull run happening in 2024.
Are you ready for the 2024 bull run?
Trading this bull run is not as simple as one thinks. As people dive into the crypto market because it is the season of bull run, so many people will probably lose a lot because of a lack of knowledge on crypto.
6 things to do to maximize profit this bull run.
- Keep things simple.
There is so much noise, distractions, and confusion in the crypto ecosystem. Therefore, it is advisable to be focused, find an edge, and maintain it.
- Consider new coins/tokens.
The strongest gainers in the market are the newly listed coins/tokens as the market tends to move towards them. Those with low market caps tend to perform more than the old ones.
- Add on dips.
The process of buying an asset after it has declined in value is called a dip. Dips should be taken as a gift during an uptrend. Your focus should be to source out strong coins that are holding up well because when they rebound, they tend to pump the hardest.
- Accept the hype.
In a bull market, hype, sentiments, and speculations are the most important factors in driving price. Understanding market psychology is more important than fundamentals.
- Take profits regularly.
Take profit always and withdraw them into your wallet because it may be easier to make money during the bull run but keeping them is difficult. It is rather great wisdom to lose a small percentage of your profit than go empty-handed.
- Corrections should not shake you out.
Never get emotional with the downtrend in the market as these dips tend to test you but always note that this is what comes with a bull run. When placing some trades, minimize the amount of leverage you use.
Finally, as we await the bull run, you should not get stuck in the web of rotating profit from one token to another. Always remember to leave small positions, this allows you to retain some gains in case the market gets corrected.
Which of these aforementioned do you know beforehand?
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