Always double-check before trading.
The recent crash in the crypto market drove BTC down to $35,000, resulting in significant losses for many investors. The entire market experienced a 20-30% decline, with all tokens suffering substantial losses. Many traders are struggling to recover their losses.
Now, it seems like the market is repeating this cycle. However, precautions can be taken to prevent losses and secure significant profits.
First and foremost, always ensure to check the market trend before taking any positions. Avoid going against the market trend and verify the market trend for additional confirmation before making any trades.
If the market is showing a normal trend, follow the trend of relevant charts and definitely evaluate the market trend above any individual chart trend.
In a market with an upward trend, avoid trading from bearish formations as they can create uncertainty and lead to losses.
Identify charts with consistent patterns and always protect your stop loss. Never trade when the trend is showing signs of reversing.
Lastly, be wary of false breakouts that reverse the direction of price flow, and evaluate the market trend before entering trades. Reversals are only possible when the entire market trend is showing signs of reversal.
