Keep, change or get rid of. What to do when crypto falls?
Posted: Wed Feb 08, 2023 8:07 pm
1. It's foolish to try to wait until the bottom of the rate drop.
Looking at the chart of crypto's growth, you're probably wondering at this point when it will start rising. This is an attempt to "feel the bottom". Trying to buy currency at the lowest price and in the end, making more money. Remember, your expectation may not pay off.
Predicting a "bottom" is very difficult, if not impossible. If it were that easy, then market participants with special influence could help lower the market price of bitcoin, sell large amounts of coins, and then buy them back when the price goes down. This method of making money is better known as a bearish trend. Also, there are known schemes of earning on a bullish trend, which is exactly proportional to the opposite of a bearish trend.
2. It is not a good idea to change your coins for the ones which are actively growing.
It is not uncommon to try to buy a cryptocurrency in anticipation of its future growth, but when the digital asset collapses, in an attempt to quickly replace one cryptocurrency with another that has begun to actively gain growth. However, the trends are reversed abruptly and it turns out that the price of the previously sold cryptocurrency has shot to the moon. The shame of such ill-timed and ill-considered action will not give you peace for a long time.
3. You shouldn't monitor charts 24 hours a day.
Sometimes, the best solution is to simply close the chart page and stop monitoring bitcoin rates. You should always trust your strategy and also remember, if you are not playing the market by strategy, you are just playing a guessing game.
There is one general rule in the cryptocurrency market, actions and it remains unchanged - "buy cheaper, and sell higher". Buying cryptocurrency is an investment on a long-term basis, it is a serious decision, and you should not allow your strategy to be shaped only by cryptocurrency price drops or trivial FOMO.
Looking at the chart of crypto's growth, you're probably wondering at this point when it will start rising. This is an attempt to "feel the bottom". Trying to buy currency at the lowest price and in the end, making more money. Remember, your expectation may not pay off.
Predicting a "bottom" is very difficult, if not impossible. If it were that easy, then market participants with special influence could help lower the market price of bitcoin, sell large amounts of coins, and then buy them back when the price goes down. This method of making money is better known as a bearish trend. Also, there are known schemes of earning on a bullish trend, which is exactly proportional to the opposite of a bearish trend.
2. It is not a good idea to change your coins for the ones which are actively growing.It is not uncommon to try to buy a cryptocurrency in anticipation of its future growth, but when the digital asset collapses, in an attempt to quickly replace one cryptocurrency with another that has begun to actively gain growth. However, the trends are reversed abruptly and it turns out that the price of the previously sold cryptocurrency has shot to the moon. The shame of such ill-timed and ill-considered action will not give you peace for a long time.
3. You shouldn't monitor charts 24 hours a day.Sometimes, the best solution is to simply close the chart page and stop monitoring bitcoin rates. You should always trust your strategy and also remember, if you are not playing the market by strategy, you are just playing a guessing game.
There is one general rule in the cryptocurrency market, actions and it remains unchanged - "buy cheaper, and sell higher". Buying cryptocurrency is an investment on a long-term basis, it is a serious decision, and you should not allow your strategy to be shaped only by cryptocurrency price drops or trivial FOMO.