Wait for trade signals to turn positive
Right now Bitcoin and other currencies following it are caught in a channel that is making it difficult to place the entry position.
Right now I would not recommend entering a trade unless BTC crosses $7800.
If it does cross this point it will mean a bullish sentiment is back and moving in the correct direction.
We aren't there yet and its gonna require more patience.
The best thing I learned early on in investing is that its those that are patient can win, but those who are afraid to make split second decisions can get swollowed up in these markets as well.
So its a tough double edge sword at the moment especially for new people entering the space. The psychology of trades is fascinating as people are simple animals that follow patterns whether they know it or not.
In the case of crypto , cost averaging and stop losses are your friend and i'd even say they are the religion of successful crypto hodlers.
Cheers
Dante
disclaimer:trade at your own risk, these are merely my opinions expressed.
Shouldn't we enter a trade before it crosses $7800? if we think the market is gonna be positive again?
as long as you think the price will go up then enter, but thats where cost averaging come into play because no one should just go all in at one price point. thats how you can get a losing spread really quick. $7800 is the benchmark right now for a positive sentiment, and its not just BTC im talking about, if BTC crosses $7800 it means a lot of good things for other coins too.
Disclaimer:merely my opinions trade at your own risk
Thanks for your reply. I'm still a beginner and it's nice to know others opinion.
no problem!