99% of the people don't know when to sell in crypto.
They simply buy a coin and don't even know when to book profits. Result? They regret for not selling and get demotivated.
In this post, I have talked about profit booking strategies that can help you in this bull run: First up - why is having a take profit strategy so important?
Well, in the fast-moving crypto markets, massive gains can appear then disappear quicker than you can blink. You've gotta lock in returns through occasional profit-taking or risk watching your portfolio get wrecked.
The basics are simple enough - set predefined target prices where you plan to sell portions of your holdings. But blindly using fixed targets without adaptability can get you stuck missing out on big gains or retaining large losses.
Here are some pro tips to level up your profit-taking approach:
1️⃣Scale out of positions across multiple incremental targets on the way up.
For example, sell 20% of your tokens at 2x, 30% more at 5x, and let the remaining 50% ride further.
This allows continued upside exposure while realizing some gains.
2️⃣ Trail protective stop loss orders upwards as the price climbs to lock in gains.
But don't get stopped out prematurely - use patience and wiggle room.
3️⃣ Closely monitor price action and indicators for signs of trend exhaustion, like bearish divergence on the RSI, volume drying up, loss of momentum, etc.
Then prudently take some profits off the table.
4️⃣ If the overall crypto market starts looking shaky, take some chips off the table to stabilize your portfolio.
You can always re-enter on dips as conditions improve.
5️⃣ Rebalance by rotating profits from individual coins into stable placeholder assets like USDT, UST, or BTC.
This keeps you invested in crypto's growth while reducing risk.
Beyond the technical tips, market psychology and discipline around greed/fear are just as important.
Some final tips:
✔️ Don't beat yourself up over not selling at the very peak. Profit-taking requires flexibility and accepting you won't time peaks perfectly.
✔️ Think long-term. Compounding moderate gains outperforms sporadic home runs. Slow and steady wins the race.
✔️ Learn from both successes and mistakes. Review outcomes dispassionately to continuously improve your profit-taking skills.
At the end of the day, profit-taking is not about perfectly selling every top.
It's about steadily accumulating gains to reach your financial goals, regardless of day-to-day volatility.
With the right mindset and strategically layered tactics, you can build life-changing wealth in the market.
All the best, let's print life and wife changing money this bull run!🚀
when i look at market moves, im so glad we were able to catch multiples on coins like SIDUS VANRY SOL so early on cause this cycle is so focused towards ETFs and its so evident from how BTC is trading
had been thinking this a lot but we might not see big multiples on most mid-cap cex coins going forward with attention fully going one sector to another with all new money flowing into ETFs instead of open market
retail is more focused on sol memecoins institutions focused on btc and eth next
not capitulating but just accepting and adapting to new market is key and setting realistic expectations - this cycle is 10 times tougher than 2021 by all means and honestly, only ETH ETF can change this and if not, this is the new market to work with cause i just don't see how it could change
markets been chopping lately with most traders just waiting for cpi and fomc this and next week
etfs are totally correlated us with stocks and we’re facing the brunt of it with bitcoin being in centre and altcoins catching 0 bid
i personally dont see much hope for altcoins until btc goes past ath again and drag it along but honestly until eth takes charge i see not many reasons why alts would outperform btc
july/august is probably when eth etf starts trading so thats the pivot you’d want to wait to watch
June 2024 promises to be another dynamic month in the ever-evolving cryptocurrency landscape. While established players like Bitcoin and Ethereum continue to dominate the market, innovative altcoins are vying for investor attention. This article delves into five intriguing cryptocurrencies to keep an eye on in June, exploring their project details, price movements, and potential futures. #TopCoinsJune2024 🔶1. Ethereum (ETH): The DeFi Powerhouse Ethereum, the undisputed king of Decentralized Finance (DeFi), remains a top contender in June 2024. Its robust smart contract functionality fuels a thriving ecosystem of applications and protocols. Recent news of the SEC approving Ethereum ETFs has spurred optimism, pushing ETH prices above $3,900 in late May. With the potential for continued DeFi adoption and Ethereum 2.0's full rollout on the horizon, ETH could experience a significant price surge in the coming months.
🔶2. Solana (SOL): The High-Speed Challenger
Solana, known for its blazing-fast transaction speeds and scalability, has emerged as a serious competitor to Ethereum. Its innovative Proof-of-History (PoH) consensus mechanism allows for rapid processing and low fees, attracting developers and users alike. SOL's price has skyrocketed over the past year, and with ongoing network upgrades and potential partnerships, analysts predict continued growth in June and beyond.
🔶3. The Meme Coin Conundrum: Dogecoin (DOGE) vs. Notcoin (NOT)
The meme coin craze continues, with Dogecoin (DOGE) remaining a social media favorite. However, its price movements are often driven by hype rather than utility. In contrast, Notcoin (NOT) presents a unique spin on the meme coin concept. It functions as a "deflationary meme coin," with a limited supply and a built-in burning mechanism designed to decrease circulating tokens over time. This twist on the classic meme coin formula could attract investors seeking both entertainment and potential long-term value. Predicting their individual performances in June is challenging, but both DOGE and NOT represent intriguing social experiments within the crypto sphere.
🔶4. Ethernity Chain (ERN): Bridging the Gap Between NFTs and the Real World Ethernity Chain (ERN) is a revolutionary platform leveraging blockchain technology to link the physical and digital worlds through Non-Fungible Tokens (NFTs). ERN facilitates the creation of unique NFTs tied to real-world assets like collectible memorabilia or even real estate. This innovative use case has garnered significant interest from both crypto enthusiasts and traditional collectors. With the NFT market projected for continued growth, ERN's price has the potential to climb in June as the platform attracts more users and high-profile partnerships.
🔶5. High Performance Blockchain (HIGH): The Eco-Conscious Contender
High Performance Blockchain (HIGH) stands out for its commitment to sustainability. It utilizes a novel Proof-of-Service (PoSe) consensus mechanism that minimizes energy consumption compared to traditional Proof-of-Work (PoW) models. This eco-friendly approach aligns with the growing emphasis on responsible cryptocurrency development. Coupled with its focus on scalability and developer adoption, HIGH could experience increased investor interest in June as environmental considerations gain traction within the crypto community.
Investing in the Future: A Word of Caution ✅
While these five cryptocurrencies offer exciting possibilities, it’s crucial to remember that the cryptocurrency market remains volatile. Conducting thorough research, understanding the underlying technology, and only investing what you can afford to lose are essential practices for any crypto investor. This list is not financial advice, and you should always consult with a financial professional before making any investment decisions.
Beyond the Top 5 ✅
The cryptocurrency landscape is constantly evolving, with new projects emerging every day. Staying informed about promising developments and conducting your own due diligence will empower you to make informed investment choices in this dynamic market. June 2024 promises to be a fascinating month for crypto enthusiasts, with established players vying for dominance and innovative challengers offering fresh perspectives. By keeping a watchful eye on these top contenders and the broader market trends, you can navigate the exciting world of cryptocurrencies with a sense of strategy and potential reward.