As crypto entrepreneurs we are looking constantly for different ways how to earn new cryptos. High returns and profits can be achieved through trading.
I picked few cryptos: Basic Attention Token, Bitcoin Cash, Bitcoin Gold, Litecoin, Dash, XRP, Hydro, DAI, LBA and others.
You can form your crypto portfolio. And you follow their prices vs USD every day. Through daily observation you learn a lot.
For example about Basic Attention Token in the last 45 days I realized that its support is 0.28 dollars and resistance 0.42 dollars (May15th).
I picked to follow the quotes of BCH/BAT. You can google it and find it on Coingecko. I recommend you see the trend of 24 hours, 7 days and 30 days.
So I did few moves on my uphold account.
10 days ago: I bought 1.025 Bitcoin Cash the price was 1250 BAT. I saw a huge potention on Bitcoin Cash because I noticed when Bitcoin rises, Bitcoin Cash usually rises in fiat after Bitcoin surges. * I have to say that I chose 1.025 because Uphold has relatively high commissions between 1.4% to 1.95% depending on the kind of crypto.
When Bitcoin is going flat or even down, there is one crypto that often does the opposite and it's Basic Attention Token. Yesterday Basic Attention Token hit the support again and Bitcoin Cash was hugely affected by Bitcoin drop. So what I did, I sold Bitcoin Cash again and bought Basic Attention Token. The result was, I got 1435 BAT. I could have achieved higher yields, if I sold BCH a day before, but what ifs don't exist.
In fiat - USD - I didn't gain nothing at this moment. but I got new 185 Basic Attention Token. I am pretty satisfied with the result.
I have to acknowledge I am not an expert in technical analysis, because I still have to learn the basis of trading of indicators. I am learning a lot with MrBullishSailor's post. I follow the basis of uptrend, downtrend and flat trend. You have to buy at low point, and sell at high point, etc.
Beware that you shouldn't develop emotional attachment to any specific crypto because you can lose a lot of money.
So, what you can do, is you can pick your crypto pair. It can be BCH/ETH, DASH/XRP.
In some occasions you can experience also losses, the best way is to accept them when they are low and not to be expecting that the market recovers. So when you trade, you have to start adopting the mindset that it's better to accept losses and avoid being stubborn on recovery because sometimes the market goes totally opposite against your wishes.
There are good ways how to start learning technical analysis:
- follow MrBullishsailor posts, read them every day and of course upvote him. I learn a lot of useful tips overthere.
- pick some tutorials, there are a lot of things online: youtube, google.
- there are also good courses who are free on xm.com. It's a forex site, they trade also BTC, ETH, XRP. There are also a lot of free webinars. For me it's a new challenge to learn it because I am really interested in this.