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3 Cryptocurrency Trading Mistakes You Must Avoid

Learn how to avoid the 3 biggest cryptocurrency trading mistakes that will lose you money. Creating rookie mistakes can easily be avoided…

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Are you considering the trading cryptocurrency, but are a complete beginner and afraid to make mistakes? In this article, you’ll learn about the top three errors newbies make when trading cryptocurrency.

There are multiple variables that go into making a successful trade and knowing what to avoid is crucial to making a profit. You’ll still need to find out a winning strategy, but having the knowledge of trading tips to avoid will put you above most people.

Read onwards for the 3 cryptocurrency trading mistakes to avoid. 1. Not Using Cryptocurrency Exchanges Properly

The biggest mistake beginners make is not using the cryptocurrency exchanges properly. The bigger platforms give you methods of making money easier from staking the margin trading. Before you start using these methods do your research because otherwise, it can come back to bite you.

Margin trading is a brilliant way to make more money because you can buy more coins even if you have a minimal budget. Margin trading lets you borrow money from the exchange with your assets as collateral.

Therefore, if you have good information that a coin is most likely going to increase in price over the next few days you can do a margin trade and borrow 10x your budget. However, note it’s never guaranteed for a coin to go up in price as the market is so volatile.

2. Trading with No Plan in Place

One of the most common mistakes traders make is not knowing when to pull out of a position. When selecting a coin it is pivotal to have exit prices so even if the price falls you make money or at the least break even. Also, when establishing a trade have a stop-loss set because the cryptocurrency market is volatile with 5-10% price changes is not uncommon.

3. Starting with Real Money Before Paper Trading

Trading is a skill that you’ll need to learn through experience and the best method is using fake money. This way you’ll through your mistakes and see what to avoid when looking at coins and executing trades. Once you see that you are making a profit constantly, you can then consider using real money.

Keep in mind that the cryptocurrency market is not going anywhere anytime soon so don’t FOMO and execute trades since you can risk losing money as you won’t have the necessary skills yet. A good length of time to train yourself is at least 2-months or when you have successfully completed 100-trades.

Final Thoughts

The 3 cryptocurrency trading mistakes in this article are a small taste of the information you should learn over your trading career. As mentioned, start with a paper trade account since the best method is going through the process and making mistakes as you go along.

So, what are you waiting for? Start by learning what to avoid when trading. Create a paper trading account, taking action is the best way to learn as you get a taste of the environment you are going into.

Source: https://coinpedia.org/press-release/cryptocurrency-trading-mistakes-to-avoid/

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Coinpedia

Binance Coin (BNB) Price Second Hyperwave Programmed, $500 Inevitable!

Binance coin (BNB) price headed strongly above $400 to mark new ATH despite a drop close to $350. Coinpedia

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The Binance Coin surge was one of the eye-catching rallies within the crypto space which emerged from rugs to riches in no time. The platform burns a stipulated amount of coins frequently that assist the price movement towards the north.

However, another burn event is scheduled in the coming couple of days, that may enhance the target from $500 to probably $600 too. With the intensified rally, the price may also hit the levels close to $1000 as per analyst and founder of Gokhstein Media, David Gokhstein.

$BNB will probably end up being a $1000 token.

Don’t @ me –

— David Gokhshtein (@davidgokhshtein) April 9, 2021

Interestingly, the ongoing second wave of the price surge is speculated as more sustainable and steady than the first wave in february 2021. As the price climbed high registering huge green candles in a short time frame. In contrast to the current movement, where-in a steady growth including both the greens and red be a part of the parabolic move.

Also Read: BNB Price Brewing For a Massive Bullish Rally! $450 for BNB Soon?

Binance Coin (BNB) Price Analysis

BNB price has successfully retested its old All time high as support on the lower time frames, even forming a bull flag. Moreover the surging transactions on Binance Smart Chain due to affordable transaction fees also fueled the BNB price rally.

The BNB price gained more than 10% spike since the past trading day and managed to trade close to $450 target levels. The price that has entered the discovery phase is expected find new highs very soon.

bnb price

At the time of writing, the BNB price is $442.31 with a massive surge of 12.04% in the past 24 hours. The indicators also point out towards a bullish trend as the RSI indicators trending in the overbought region close to 80. The price bounced back from the 20-day MA, while the MACD signaled a buy.

bnb indicator

Technical Specifications

  • The resistance levels of Binance Coin is in the discovery mode
  • The support levels are around $400
  • The indicators for BNB price point out towards a buy signal

Also Read: BNB Price Analysis: Uptrend Continues to Fresh ATHs

Don’t @ me –

Source: https://coinpedia.org/altcoin/bnb-price-second-rally-initiated/

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Coinpedia

IOTA Price Analysis: Sustains Upside Run for the 3rd Day in a Row

However, bulls need to close above the $1.70 level to boost the signal as IOTA’s positive impetus looks steady as buyers dictate the trend.

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IOTA/USD rose to the highest in more than two weeks on Tuesday, resuming recovery leg from $1.45 (Apr. 4 low) after bulls took a breather at the end of the prior week.

*Fresh strength on IOTA’s traction may revive bullish appeal and lift the price
*IOTAs positive impetus looks steady as buyers dictate trend
*IOTA announces the final phase of Chrysalis network upgrade

IOTA/USD is creeping higher to retest a durable tentative horizontal barrier pulled from the prior yearly high of $1.88. However, today’s footing within the upside channel appears somewhat not up to the task at hand, as lingering above is the daily red candle formation. However, bulls need to close above the $1.70 level to boost the signal as IOTA’s positive impetus looks steady as buyers dictate the trend. The asset is currently 30th on the Coinmarketcap table, with a market cap of $4.70 billion, and $208 million in trade at the time of writing. The current spot price is at the time of this post is $1.75.

Announces the Final Phase of Chrysalis Network Upgrade

In an April 5 official blog post, IOTA announces the final phase of the Chrysalis network upgrade. It stated – Over the last year we have been working to transition the IOTA protocol towards production readiness. We are now in the final phase of the biggest upgrade in IOTA’s history. Today we are happy to announce the official start date of the Chrysalis network migration – Wednesday, April 21st, 2021. The network upgrades will officially happen on Wednesday, April 28th, 2021. The first phase of Chrysalis was deployed on the IOTA network in August 2020.

IOTA Daily Chart: Ranging IOTA/USD Daily Chart

IOTA extends strong rebound into the third consecutive day spurred by the buying wave in the Altcoin market. IOTA resumed the uptrend leg from $1.45 (Mar 31 low) after a consolidation phase on reaching the prior yearly high at $1.84. A fresh yearly high is set at $1.88 and the pair is currently consolidating gains. There is also an ascending trend line with support near $1.45 on the daily chart.

If there is a downside correction, the ascending trend line could provide support near $1.45. Any more losses might call for a test of the $1.38 support or the daily MA 50. On the upside, a resistance is formed at the yearly high at $1.88, above which the pair could accelerate higher towards $2. The next major stop for the bulls could be around $3 in the coming days. Everything being equal, IOTA could continue to surge in an ascending trendline pattern during the following trading sessions.

IOTA/USD 4-Hour Chart: Ranging IOTA/USD 4-Hour Chart

The IOTA/USD pair rebounded from a support level formed by the 4-hour MA 50 at $1.50 on April 4. As a result, IOTA was able to rise to fresh highs of $1.86. Bears sold at higher levels and pulled the price to lows of $1.64 on April 6. The positive sign is that the bulls have held on to the uptrend for the past three days. Immediate resistance is at the prior yearly high at $1.84 ahead of the $1.88 high.

If the bulls can drive the price above $1.88, the IOTA/USD pair could begin the next leg of the rally with a target objective of $2.0 and then $2.50. On the contrary, if the price again turns down from the overhead resistance zone, support awaits at the recent consolidative lows of $1.64 ahead of the MA 50 ($1.60). If the IOTA price plummets below the MA 50, MIOTA range-bound action may continue for a few more days before seeking support at the MA 200 ($1.43).

Key Levels
Resistance Levels: $3.0, $2.0, $1.88
Support Levels: $1.70, $1.60, $1.50

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

Source: https://coinpedia.org/price-analysis/iota-price-analysis-sustains-upside-run-for-the-3rd-day-in-a-row/

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Dogecoin, Siacoin, EOS Price Analysis – How Will they Perform in April?

The cryptocurrency markets are in full boom with new projects and news every other day. The prices of some of the Altcoins, DOGE, SC, and EOS.

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The cryptocurrency markets are in full boom with the announcement of new projects every other day. Today we will analyse the prices of some of the Altcoins, DOGE, SC, and EOS. The year 2021 has proved to be the biggest of the Alt Seasons so far with almost every currency hitting their ATH.

It is a known factor that the majority of the altcoin prices follow the lead of Bitcoin in the Crypto markets. Bitcoin is pivoting around the ATH levels, which is helping a lot of coins to be bullish.

Also, Just because the markets are bullish, we cannot blindly take it for granted. Hence we present to you the market analysis of the Altcoins as follows.

Technical Price Analysis of Dogecoin – DOGE

Dogecoin has resorted to consolidation after a surge on April 1, 2021. The reason for this surge was a Tweet made by the Billionaire entrepreneur Elon Musk. The DOGE hit $0.066 on 1st April, later plunged to $0.05918 due to selling pressure.

The current Market capitalization of Dogecoin is $7,637,398,078, making it the #18 crypto on CoinMarketCap. Transaction volumes increased to a whopping $4.62 Billion with a 171.19% change in just 24 hours. The total circulating supply of DOGE is 129,017,654,677 DOGE as of now.

DOGE 30 minutes Candle Chart

The Doge is forming a Flat-bottom descending triangle with support at $0.058, with next support at $0.054. The Resistances are $0.060, $0.062, $0.068. There is a possibility to break out and follow the uptrend if the buyers take charge of the market.

The RSI is at 48 indicating that price action could drive the trend.

MACD is turning slightly bullish, with sufficient overhead for an uptrend. The price is following the Bollinger band contraction.

As observed earlier, the token tends to lose its uptrend if there is no sufficient news to pump the prices. A coin created as a parody has become one of the top 20 cryptos.

Support: $0.058, $0.054

Resistance: 0.060, $0.062, $0.068

RSI: 48

MACD: Neutral to Bullish

Technical Price Analysis of Siacoin – SC

Siacoin(SC) has reached $0.03252 with a 20% jump. The Market capitalization of SC reached $1,536,675,251 with this rise. The volumes of exchange also increased by 100%, worth up to $476,088,920 in the last 24 hours.

Siacoin has been steadily gaining momentum and formed an ascending parallel pattern indicating an uptrend on the 30 minute Candle chart Pattern. The price can expect support at $0.03, $0.028, $0.0264.

Siacoin 30 minutes Candle Chart

The resistance level is $0.032. The RSI at 61, near the bought zone. However, there is sufficient overhead. MACD and Bollinger bands indicate the bulls taking control of the market. The Experts suggest that the parallel ascending pattern may continue or there could be corrections and consolidation before any uptrend for Siacoin.

Support : $0.03, $0.028, $0.0264

Resistance : $0.032

RSI : 61

MACD : Bullish

Technical Price Analysis of EOS

EOS has been ranked as the 24th currency in terms of Market capitalization according to CoinMarketCap. It boasts a $5,347,804,387 cap with 952,189,014 EOS in circulating supply. The current Market capitalization is estimated by considering the LTP of $5.62.

EOS 30 minutes Candle Chart

The 30 minutes candle chart shows a Cup and handles pattern taking shape. Although the cryptomarkets have been bullish this year, this is one of the currencies which could not reach ATH prices. But the rise has been phenomenal with a 16.86% it is performing well above its ICO price.

The possible supports are at $5.5, $5.2, $4.8, which can hold the prices if there is a trend reversal and prices drop. The Resistance is offered at $5.7, $5.8, $6.0. The RSI stands at 55, which is a neutral level. MACD is neutral to bullish. The Bollinger bands are converging indicating a major move after consolidation.

Supports : $5.5, $5.2, $4.8

Resistance : $5.7, $5.8, $6.0

RSI : 55

MACD : Neutral to Bullish

The Doge is forming a Flat-bottom descending triangle with support at $0.058, with next support at $0.054. The Resistances are $0.060, $0.062, $0.068. There is a possibility to break out and follow the uptrend if the buyers take charge of the market.

Source: https://coinpedia.org/price-analysis/price-analysis-altcoins-dogecoin-eos-siacoin/

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