When Bitcoin price started to drop again I would like to share some of the advices. Maybe they aren't the best, but the main principle is always the same.
You probably noticed that bitcoin price has huge swings within chosen period of time. Is it a month, 3 months or half of a year, the price changes hundreds of times. You must catch the best price to earn some money. How does it work?
Let say that today's value is $4,000 per Bitcoin. It's pretty expensive knowing that currency was cheaper two weeks before. What do you do? Waiting and holding? Selling or buying more? Depending on what do you think the price is going to go you must take actions. You must catch Bitcoin price at its high and sell at its lowest points.
In this picture you see when you have to buy and sell your cryptocurrency.
I know it's very hard and catching that moment requires a lot of knowledge and experience, but that is the right timing. So now we need to find out when the future's purchase should be made as we sold on $4,000+. Comparing the previous months and its charts we can try to catch the price at around $3,500-$3,600. For sure, analyse more charts, read predictions available online, get more information about market news. Check what is the volume of the last 24 hours, and check the market tendencies. If everything seems okay - that's the moment when we refill our wallet and get some cryptocurrency. And then the waiting starts again until the next signal of the upcoming price decline when sell off must be done. That requires great psychology and skills to wait until the best moment to take action, but that's how profit is made.
It may look confusing or very simple, but that's it how it should be done. I highly recommend to follow great guys on Twitter, read Reddit, Coindesk, Cointelegraph, and Steemit for sure. Absorb all information available and try to understand upcoming price direction. There are going to be mistakes, bad decisions, but in the end valuable experience is gathered. And further trades should be profitable.
Finally, there aren't any people who could answer what the price of bitcoin is going to be tomorrow or after few days. Everyone is guessing only. There is no easy money, but hey, is it anywhere? Learn, read, repeat. There are a lot of traders who makes huge profits, so if they can, you can make it too.
P.S. This article isn't financial or trading advice. It's written by the experience of myself.
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