Do you find yourself constantly worrying about the price of cryptocurrencies going further down? It’s hard not to feel anxious when the price charts the pick a sea of red, but there is no reason to panic. Despite the bearish trend so far this year, you can still make some good money if you find the perfect buying and selling opportunities. In this resource, you’ll find out how to rake in profits in a bearish market.
Buy the Dip
Cryptocurrencies had enjoyed a historic year in 2017. Virtually all coins reached their all-time high, with Bitcoin sitting at over $19,000 in December. This year, however, the trend doesn’t look the same. Prices have been on a decline throughout the year, prompting many investors to once again turned their digital assets into cold hard cash.
However, this steep reduction in price shouldn’t be viewed as the beginning of the end for cryptocurrencies. In fact, you should take advantage by buying the dip. Use this time to increase your holdings and get the coins you like at an affordable price. Of course, timing the market is impossible. But you can have a better chance if you rely on a trading platform like Ethereum Code which uses sophisticated algorithms to help you decide when to buy and when to sell.
Check Out Promising Altcoins
While Bitcoin remains the most trusted of all cryptocurrencies, there is no reason not to explore other digital assets that appear to have a bright future. As a wise investor, you should always be on the lookout for promising altcoins as these present the highest earning potential. For instance, a new cryptocurrency project might emerge with a similar but better concept as an existing coin. This could prove to be an excellent time to buy the coin before the price goes up in the future.
Buy and Forget
You can also use the hodling strategy during a bearish trend. As you probably know by now, this involves holding on to your coins despite the decline in price. The idea is to simply store your coins in wait for the price to increase again in the future. Many hodlers even increase their positions in a bearish market. Remember that when prices go down, you don’t necessarily have to do anything. You can simply do nothing and wait for the trend to pass.
As you can see, there are many ways to still make money in a bearish market. Even if most of the coins are nowhere near their all-time highs, don’t let this distract you from the fact that you can still make some serious cash if you know how to buy coins at the right price and sell them for profit. Many investors might decide to leave the market until the price charts turn green, but you can choose to keep hustling and generate higher returns on your investment. This offers the added benefit of honing your trading skills, something which will surely come in handy want to the tables have turned.
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