Bitcoin broke 16.8K and the excitement in Bitcoin is building. The month of November has been quite impressive in regards to the price action of Bitcoin and the bulls seem to have taken over the market. For those just getting started in bitcoin, this is a great time to learn how to protect yourself. It is important to be prepared for all scenarios and to have your strategies ready. You can protect yourself by taking incremental profits. Pay attention to the original principal amount that you have invested in bitcoin so that when you do see the market rise or fall you know your entry and exit points. Reverse dollar-cost averaging is also another technique to hedge your holdings. You can perform this technique the exact same way as dollar-cost averaging but instead of investing incremental amounts, you are taking incremental profits.
Bitcoin is a very volatile asset class and it is important to understand that even though markets are rising currently this could all change at the drop of hat. There is so much information out there regarding bitcoin and it can be hard to filter through the noise. That’s why our aim is to teach you about the basics so that you can better understand, and we also want to share our knowledge and experiences regarding investing in Bitcoin. Understand your approach to investing in Bitcoin which will lead you to the best strategies to achieve your goals. If you are investing in Bitcoin for the long term, you must be comfortable with the volatility of the asset. If you are investing in Bitcoin for the short term, it will require a lot more monitoring and a more hands-on approach. No matter your strategy dollar-cost averaging is a great way to get involved with Bitcoin. This strategy allows you to invest money into Bitcoin in small increments over time and will allow you to catch both lows and highs which will average out in the long term.
Want to learn more about dollar-cost averaging? Check out another @Cryptofinally live stream to learn some of the basics.
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