Bitcoin being the very first cryptocurrency still remains the largest with its market capitalization in 2019 at $172,597,392,691 and its dynamics remain positive. The price of the instrument fluctuates around $9,700 constantly trying to pierce $10,000 mark. Is it the right time to invest now?
Let’s break down the global correction that took place between December 17, 2017 and December 15, 2018. Two zigzag patterns, a triangle and an impulse. By the mid-December 2018 the flat correction had fully established itself.
Now let’s take a look at how the impulse has been behaving from December 15, 2018 until now. In my opinion, another spike is to be expected shortly, and it will mark the next correction movement.
It is yet too early to draw any definitive conclusions. This should be postponed until further developments present themselves. As to the time predictions, I would say that we can expect the continuous growth of the coin’s market capitalization and price over the next one to three months. From the technical analysis standpoint, everything looks very promising for the whole crypto industry in the mid-term perspective. Positive dynamics are to be expected from all top-10 coins on the market.
Moving on to the question “Should I invest or not?” I would answer positively. At the spike of an uptrend the investor’s mood improves greatly leading to the market ‘overheating’.
Nevertheless, you should proceed with caution. There is little sense for beginners to dash and buy trading books or courses in order to try and follow the tips of the so-called ‘gurus’. If you really want to become a successful investor/trader, I would recommend giving a try to trading on simulation accounts, entrusting asset management to hired professionals, or using copy-trading platforms, f.e. CoinSharks.
If you go for the last option, I advise to conduct a thorough research of the following features of the platform:
- Asset storage and movement. Do the assets get transferred to a trader’s account or all trades are taken in your account simply mirroring a trader’s actions? Ideally, all your assets should remain in your account and the trader shouldn’t have access to withdrawals.
- The platform must be simple to understand and use. The most convenient way to copy trades these days is via API keys. The crypto exchanges provide their customers with the option to change access configurations. It means you can grant or recall permission to execute certain actions in your account at any given moment.
- The more crypto exchanges available, the better. Keep an eye for the largest exchanges such as Binance and Bitfinex for instance.
- Transparent and comprehensive trader statistics. It is worth to invest some of your time into scrupulous research here. Be sure not rush to copy the traders with the highest revenue spikes. Better safe than sorry.
- Availability of several traders to copy. No trading strategy performs well all the time. Consider hedging your investments by copying at least two traders with different strategies.
- Fewer the fees, the better. Look out for hidden commissions and spreads.
I have worked with CoinSharks for some time by now. The platform satisfies the above-mentioned requirements fully. Currently I have two clients who copy my trades there. Both are quite happy with the service.
Copy-trading can be a good start for beginners. By learning from the professionals you copy, it is easy to join the ranks of the experienced traders and investors, become an expert in your own right and increase your earnings.
A word of warning, trading crypto is a high risk activity. All conclusions provided in the article are of speculative nature and are based on the analysis of the market’s volatility, market volume of the main cryptocurrency instruments, Bitcoin’s dominance, social media and other data. The article’s contents should not be considered as financial advice. I wish you profitable trades!