How to control emotions in the rising digital currency market?
Hello dear followers, we have come to an urgent article in the field of digital currency market.
Bitcoin has seen a growth of nearly 40% in the last few weeks. You may think that the bull market of 2020 and 2021 has started. It is better to convert all your possessions into Bitcoin. If you don’t buy today, you have to buy more expensive tomorrow. The digital currency market will be the best time to buy and use the conditions to overcome inflation.
It is possible that you search the live price of digital currencies on a daily basis and tell yourself that today is the last chance to buy and… But we have to tell you to stop. When the market shows a bullish behavior, this is exactly where you need to be a little cautious. First of all, say goodbye to bloggers in this field. These people always have a double standard, they tell you to buy now and if it rains tomorrow they show you an old post that we said on some date it might rain.
Now, these people have repeatedly pointed out that now is the opportunity to buy. But don’t worry, we are going to have some good opportunities and attractive offers for you. But before anything else, we have to tell you how to control your emotions.
The first thing you should note is that the digital currency market is not going to end. When you buy regardless of market conditions. At the time of market correction, you think of reducing the average so that your loss ends sooner. But the market is still falling. You try to use your other resources and on the other hand you need your previous money. Exactly when the market goes up. That is exactly the place where hope comes alive in your heart.
You think everything is over, but again the downward trend continues. As long as Bitcoin has not seen the number of 26 thousand units, it is better not to make a purchase. This point of Bitcoin chart is very important based on fundamental news as well as technical data for Bitcoin. If this point is rejected, there is an opportunity for a good entry. That is why we tell you that the market will not end. But now think about this point as a strong barrier for you.
This means that controlling your emotions in the cryptocurrency bull market has worked for you. And you have been spared from a heavy market crash. On the other hand, keep in mind that there will always be a stop hunt before big moves. This is exactly where we intend to enter the market.
You might say to yourself what the control of emotions in the digital currency bull market has to do with the opinion of digital currency market experts. You can control your emotions when your logic has some strength. Now, to reach this goal, you can get help from several parameters. The first thing you can do is to use the opinion of fundamental analysts and blockchain experts. Blockchain experts provide you logical data through the structure of network transactions as well as the movements of large exchanges.
These logical data will help you think logically and control your emotions a little. Unlike the work of bloggers and Instagram sales packages, whose job is to play with your emotions. Market experts usually increase the sense of fear in you. As a result, you will think more logically.
Note that the market always reacts to big data. The market doesn’t care if your 4-hour trend line is broken or not. It is important for the market whether exchanges and whales use this move or not.
Let’s say you were unable to control your emotions in the cryptocurrency bull market. This is not a problem. You should try to use this opportunity to your advantage. On the other hand, you should increase your effort and focus to choose optimal entry points for your chart. You invest in any digital currency that you are going to invest. You must define the breaking point of the strategy for yourself. Suppose that Bitcoin rejected the number of $26,000. You may enter into a purchase transaction there.
What do you think is the best thing to do at this time? The best thing to do is not to underestimate the average in the market correction and focus on the breakeven point of your scenario. If Bitcoin loses its floor of 20,000 units, you should think about the scenario of exiting the market in time. Of course, the data in the network also shows the possibility of support at $18,700 in Bitcoin. You can use this limit for the market to calm down and use this location for your timely exit.
We will mention the last issue in this section. Think that the market will experience a good growth. On the other hand, based on macroeconomic data, the head of the central bank, Mr. Powell, decided to increase the interest rate. It doesn’t matter if you have gold or bitcoin! The important thing is that the market can crash. On the other hand, keep in mind that fundamental news is and will be the main driver of the market.
Some people may be able to determine these events earlier due to their technical analysis power. But you should note that usually these people for
Big companies work and don’t simply spend their data anywhere for free.
In this article, we have told you some tips that may help you control your emotions in the cryptocurrency bull market. Note that fear and greed are always the two driving factors of the digital currency market. For this reason, try not to provoke your fear and feeling of being left behind in the rising market. In this case, you may make wrong decisions. If you have any questions or challenges about any section, you can ask us in the comments section.