Cryptocurrency Trading Tips
Six Don'ts and Four Do's:
Six Don'ts:
1. If a coin has been continuously dropping and hasn't stabilized at the 60-day moving average, let's not touch it for now. We'll wait and see when it turns around.
2. Don’t buy coins that have risen and then received good news. Good news often signals a selling opportunity; if a coin has already risen and then gets good news, the main players might be looking to cash out.
3. Don't chase coins that have suddenly surged too much and are far from the 5-day moving average. Coins that rise too quickly carry high risks, and chasing them can easily lead to losses.
4. Don’t take risks on coins that suddenly jump at high levels. A gap up at high levels carries significant risks; it might indicate that the main players are quietly selling off.
5. Avoid coins with a turnover rate exceeding 30%. A high turnover rate indicates fierce competition between bulls and bears; it's better to steer clear of this volatile market.
6. Don't fall for coins that are holding up in a poor overall market. If the market is weak and a coin is still being propped up, it's likely a “smoke and mirrors” tactic.
Four Do's:
1. Hold onto coins with an RSI between 50 and 80. An RSI in the mid to high range indicates that the coin still has momentum, and holding on can lead to more profits.
2. Don't rush to sell coins that have jumped from low levels. A gap up indicates strong bullish momentum, so let's see if it can continue to rise.
3. Hold tight onto coins that are in an upward trend. Following the trend, the longer we hold onto rising coins, the more we can earn.
4. Don’t easily sell coins where all the chips are concentrated in one place. When chips are piled together, the main players might still want to push the price higher; waiting for a peak before selling is not too late.
Cryptocurrency Trading Insights: When it comes to trading cryptocurrencies, one must adhere to the rules and not rely solely on intuition.
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