Buying and selling is the two most fundamental activities in Crypto. Cashlete profits and losses are generated based on buying and selling.
It is a common understanding that you can buy or even sell except in the case of contract options.
So when is the best time to buy Crypto? When you should or not enter the market?
Welcome to my article! Btw, i am Serg, a Filipino nurse who is interested in cryptocurrencies. If you hadn't subscribe to me yet. Please click the subscribe button on my profile.
Lets begin...
So before buying anything on Crypto, you should consider your everything on you financial life. You should know what you have, what you want and what you are aiming for.
Lets go deeper in the crypto world to discover when you should buying crypto making the best out of trading.
First of all, review your porfolio or the expected crypto you intend to invest in. Besides the popular bitcoin, ethereum, bitcoin cash or tron, there are bunch of others which each one has a unique characteristics.
You should also check your wallet. How to know how big is your budget is and wether to fish in the token you think will be much appreciated.
Don't forget to do your own homework. Conducting market analysis and comprehending what is going on just to be aware. Are we on an uptrend or downtrend? Will it continue to fall or are traders rushing to buy or sell? If you don't have any idea on this, better subscribe to me, i'm gonna create an article regarding this in the future.
As long as you don't have the grasp of the market movement, i highly recommend not to buy anything.
Now lets move on to some central rule in buying Crypto.
The first tip that you should keep in your head is to buy low, sell high. Contradicting what normal people do, they purchase when they see the market going up and thinking its a signal of rallying up and it will never stop.
Control your fomo. As a crypto trader, you are buying the dip, that means you buy more products when the market is bearish or prices is down. Not only its widen the problem margin but also helps to prevent sucking in into the bubble.
The best moment to enter a downtrend in is when it hits the bottom and rebound, this will be the perfect time to buy. To be honest, it is not easy to precisely forecast when the market is at the lowest level.
Ine trick is to focus on the supportline and the moving average. This supportlines demonstrates the price at which the bear is expected to stop and recover. Thus, if you see the price is about to plunge below the support level, it might be the signal to purchase.
Similarly, the moving average visually connects the price trend through average historical prices. Based on that, traders can watch the movement of the current market price.
Don't let your fomo or the fear of missing out deceive you. Have you heard about this? It is the effect of crowd psychology which makes you feel like you're going to lose if you don't follow the tendency of the group or community.
That explains why many people rush into buying stuff when their price is keep climbing the ladder because they think the trend will continue and they will miss the opportunity. Same with the price drops. Everyone is hastily to sell out their funds, as they fear a worse breakdown. But in reality, its their reactions that drop the market even lower.
People think this way: Everybody's doing it, so if i do exactly the same, there'll be no problems. Like what the? In fact, it completely goes against our rule number one, to buy lower, sell higher.
Therefore, always maintain a cool head . Don't let yourself be overwhelmed by your emotions
Beside FOMO, another enemy of buying is FUD which stands for fear, uncertainty and doubt. While FOMO pushes people to follow others, FUD spreads misinformation to collapse the confidence in the crypto market so that the traders will hesitate to buy and are encouraged to sell all their coins.
Why is somebody even tempted to do so?
Because those scammers are hot to collect a large portion at the cheapest price. Then they will sell it to a higher price and make some sweet profits. Traders who sold will easily fall in the trap and buy their abandoned crypto at a higher price.
Thus, raising your defenses and not letting this crooks slip their hands in your pocket.
So which days of the week would be most helpful to place a purchase?
Based on my research, let me repeat twice, BASED ON MY OWN RESEARCH, even though the market is open for 24/7, studies on oast statistics show that Monday is when the demand and the price are most likely to slow down. This will not be exactly 100% but data points out that this pattern has taken place many times before.
So i think you should really consider this hint and turn it into motivation for the next week.
Which days of the month is not a favorable for buying?
Its quite obvious, its payday. Its the day peoole receive their salaries if they are up working not lazyibg around. With more power and demand and buying power the price could kick up. So i recommend not to buy crypto on paydays.
Commitments about Trader Reports which is published each Friday by the Commodity Future Tradings Commission or CFTC. It combines and updates the latest change in market price, positions, volumes and provide snapshots of projections for the upcoming week.
Since its first publication on December 2017, the CFTC became a significant and reliable forecaster for uncountable traders who are looking for entry times.
The other one that worth a try is the text and data mining analysis software to digest market metrics, get a solid result of price predictions.
So, there are are some tips and rules when entering the market or buying cryptos. But, no matter what, always remeber that cryptos are volatile. Hence, those tactics might just be the tip on iceberg to become an aspiring trader.
I do hope this guides, hints will help you in your future trading.
How about you? What do you think is the best time to buy crypto? Leave a comment below.
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