Analyzing the market is good for everyone in crypto.
Sometimes I wonder how people buy the top of Bitcoin, especially at 69k but we can't blame them for it because many people thought it was going to 100k and some people followed the hype on Twitter which was crazy. I was one of those few people that was not carried away, I kept on checking the market, the btc dominance, and some other things but in the end, I knew something was about to happen.
No one knows the future but we need something to be able to predict the outcome even though is not guaranteed when it comes to crypto we have two ways of analyzing the market which is technical and fundamental analysis. we have so many people that thought knowing how to read the market is not necessary but based on my journey In crypto, it has saved me a lot of time from Making the terrible decision.
One of that terrible decisions is buying a coin at the very top, knowing how to read the chat will save you a lot of money and most importantly make you a lot of money but most crypto enthusiasts thought you should only know how to read chat when you want to focus on trading and not for investors but the truth is the wise investor knows analysis but the fool investor just buy the coin.
The analysis will help you to know when to buy or sell, help you with dollar cost averaging techniques, the analysis will help to avoid FUD that could have made you touch your portfolio. The analysis makes you better in crypto and it is not only meant for traders alone, it makes our decision better and gives us a level of understanding that is needed in bear and bull markets.
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You are very right bro, I remembered how I lost a huge amount of money in the year 2021 on Cake. I bought a few ones at a lower price, and it begin to pump.
But due to being a novice in chart studying, I bought huge ones at $17 each.
A few days after, there was a crypto sum dump and it went back to $7, I left it for a long time but I later lose the money when I needed urgent funds.
It's good not to fall for FOMO.
Thank you for sharing boss
I lost money on cake too but not much because I already saw what was coming thanks to my TA
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This piece of information will help me as a newbie to become a wise investor. Thanks for sharing.
Passively earning on my crypto works better for me than pulling off trading stunts that might blow up in my face.
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You don't have to use your analysis knowledge to trade, you can just use it to predict the future and make right decision.
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It's the crypto phenomenon, a lot of people prefer buying at the top because they missed out on the chance to actually buy low, so they started panick buying at the top. People who fear too much loss don't make money in crypto.
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Exactly but some think it all about the money which I disagree with, you need to have an understanding too
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Understanding is a very essential part of this Crypto journey, a lot of people do not know.
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Without the understanding the inner workings of a market, we can easily fall for the FUDs and FOMOs. Analysing the market is a good practice even if its just a basic fundamental analysis. Technical analysis still seems complicated to me.
Yeah, knowing the basics is very good and helpful too
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It's hard to time the top and bottoms of the market but I definitely agree that buying in at the top really sucks. I don't really like the volatility in crypto that much so I don't bother trading that much. I personally think that going in with a plan is best if you are trading and following that through. Leave the emotions out of it.
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I agree with you but knowing how to read chat can be helpful in many ways apart from trading.
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Before buying, one need to know how to analyze the market so as to buy as a wise and not as a fool. Thanks for this information.