Not A Good Crypto Year, Nor It Will Be
This year was supposed to be a better year than the last two ones but apart from health-wise, it has given a negative blow in every sector of which the Crypto market is also included. Both the bull run and bear run are good for trades but as we like positivity and so most people choose to trade in the Bull run when the market is positive on the reason that if the value of a coin goes up most probably the majority of people can make money from it as there's no set All-time high up to where it can reach while in the Bear market a value of the coin can go very down possibly giving dragging everyone in loss and so to avoid this people try to trade mostly in the Bull run and buy as much as Crypto they can in dumps and negative market.
Note:- I am not an expert, not even a trader. But I like to test the waters now and then because I don't know when I need such a skill so see this as information, not as a guide or advice.
My Analysis With Reasoning
Since the whole year we had dumps and bigger dumps coming in every week with some small pumps, I thought of using the basic strategy of buying at low and selling high trick. This trick doesn't require any fundamental or technical analysis but one can apply it for a confident trade. Based on the world economic condition until and unless the war is going on, someway the market won't be that positive, it's my analysis based on the overall world economic health. You see inflation is at its peak this time. Even though the dollar value is standing strong and rising against the competitors, the inflation in the USA is also at its peak, and in France, people are so much affected that they have come to the streets to protest. And seeing this, it's almost confirmed that many countries will face a Recession in the new year, some countries like mine are saying that they won't be affected but I know we will since we are still not that independent in overall resources.
Experiment Trading
Due to such sudden big things happening in the world, I don't feel like analysis will work now so I am experimenting with that trick that I mentioned above. I sold some BCH at $122 and buy back some at 115$ and 111$, I know it went to almost 105$, but I already made by Limit Orders, they trigger when the price of that coin hits the mark and I don't have to manually do anything. I don't mind not buying at more to make more profit as Cryptocurrency market is highly unpredictable now, no support and resistance work much now so why bother and stress over it? As long as I am in profit, I should be happy and analyze my next move and how to avoid mistakes.
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Final Thoughts
See such a simple trade, not many emotions involved. I know this small pump and dump will continue for some more months and so I am trying to get some profits over it without indulging myself much.
Waiting for a good pump to sell some and then wait to buy some. So far did like 10-12 trades haven't been in loss as I started to trade when BCH went to 125$ and it has always came back to this number.
I am also interested to know how you see Crypto for the upcoming last months of this year.
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What if we buy low and the price goes lower and lower just like bch, if converter in peso, when I joined dot cash platform, bch is still in 76 thousand pesos(converter ph currency) Months later it goes down to 56 thousand pesos, many people think the price of BCH goes down, perfect time to buy and invest before it goes up high, But no it goes down and down to 6 thousand pesos by now. Some of my friends didnt recover their money back then