After experiencing a winning streak in trading, it's essential to maintain discipline and avoid certain common pitfalls that can lead to significant losses. Here are some things you should NOT do after a winning streak in trading:

Overconfidence: Winning streaks can lead to overconfidence, which might make you take on more significant risks than you can handle. Avoid becoming complacent and assuming that the winning streak will continue indefinitely.

Abandoning Your Trading Plan: Stick to your trading plan and strategy. A winning streak can tempt you to deviate from your plan, leading to impulsive and emotional decisions that may prove costly in the long run.

Chasing Unrealistic Returns: Winning streaks can set unrealistic expectations. Don't start chasing overly ambitious returns, as this might lead you to take on excessive risks or make ill-advised trades.

Ignoring Risk Management: Proper risk management is crucial in trading. After a winning streak, don't neglect the importance of setting stop-loss orders and managing your position sizes to protect your capital.

Revenge Trading: If you encounter a loss after a winning streak, don't fall into the trap of revenge trading. Trying to recoup losses quickly and impulsively can lead to more significant losses.

Neglecting Research and Analysis: Just because you've been successful in recent trades doesn't mean you can stop doing your research and analysis. Stay informed about the markets and continue learning.

Overtrading: Winning streaks can make you feel invincible, causing you to overtrade or make trades outside your strategy. Avoid excessive trading, as it can increase transaction costs and reduce overall profitability.

Failing to Take Profits: It's tempting to let winning trades run indefinitely during a winning streak. However, markets can be unpredictable, and profits can vanish quickly. Don't forget to take profits when your targets are met.

Neglecting Emotional and Mental Well-being: Trading can be emotionally taxing, especially after a winning streak when you might feel on top of the world. Take time to rest, manage stress, and maintain a healthy work-life balance.

Not Reviewing Your Performance: After a winning streak, it's easy to get caught up in the excitement and not review your trades critically. Analyze your trading performance, identify areas for improvement, and learn from any mistakes made.

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Cryptocurrency trading has garnered immense popularity in recent years, drawing both seasoned investors and newcomers into the volatile world of digital assets. While the potential for substantial profits exists, it is crucial to confront the harsh realities that accompany crypto trading.Extreme Volatility:Cryptocurrencies are notorious for their price volatility, experiencing significant fluctuations within short time frames. This unpredictability poses a considerable risk, as gains can swiftly turn into losses, testing the nerves of even the most seasoned traders.Lack of Regulation:Unlike traditional financial markets, the crypto space operates with minimal regulatory oversight. This absence of a regulatory framework exposes traders to potential fraud, market manipulation, and security breaches, amplifying the risks associated with trading digital assets.Market Sentiment and Hype:Cryptocurrency markets are heavily influenced by social media trends and speculative hype. Traders often find themselves caught in the whirlwind of market sentiment, leading to impulsive decision-making driven by fear of missing out (FOMO) or the fear of losing out #crypto2024SpaceCatch #CryptoChristmas

TRX price produced a massive 17% rally in three days, starting on July 21. But this impressive uptrend was undone, leading to a three-day return of just 3.27%. This sell-off was soon accompanied by more bears, which led to a total retracement of 18% in the last 17 days.

The formation of a bearish breaker zone, extending from $0.08041 to $0.07613, is a key area to watch. A breaker is essentially a failed demand or supply zone. For a bearish breaker, a key demand zone between two higher highs is breached to the downside.

TRX price is yet to breach the aforementioned three-day bearish breaker, but investors can jump on the short trade a little early. In that regard, a retest of the two-day breaker’s lower limit at $0.07858 could also be a good place to open short positions.

The ideal level for bears to book profits is the equal lows formed at $0.06375, resting below which are sell stops. This move would constitute a 16% plummet for TRX holders. While this crash might seem steep, investors can expect the altcoin to extend to $0.04630, which would constitute a total crash of nearly 40%.

On the other hand, if TRX price produces a higher high above $0.08571, it would create a higher high relative to the June 3 swing high. Such a move could attract sidelined investors and increase the overall buying pressure, triggering a rally.

In this situation, TRX price could rise roughly 50% and target the buy stops above the November 15 swing high at $0.1296.

#cryptocurrency #googleai

Market picture

The crypto market cap fell 1.6% in 24 hours to $1.166 trillion. Risk assets in traditional markets came under pressure as the accumulated overheating in equities (especially in techs) accompanied a trigger – Fitch’s cut of the US rating.

The initial flight of speculators into Bitcoin proved to be short-lived. Bitcoin closed Wednesday down 0.5%, losing over 3.1% from its peak at the start of the day, and failed to get back above the 50-day average. This is another bearish signal in addition to the sequence of downward daily candles. So far, Bitcoin has managed to avoid accelerating the sell-off, but it looks like it's only a matter of time before it does.

On Wednesday, the Litecoin (LTC) network saw its third halving. The reward per block was reduced to 6.25 LTC. So far, 87.5% of the total LTC supply has been mined. The altcoin reacted with a decline and hit new month lows at around $86. This drop sent the coin below the 50 and 200-day averages, raising the question of a long-term trend change and opening the way down to $77-80.

News background

Trading activity in the Bitcoin spot market has weakened to its lowest since November 2020, Santiment noted. Major players have so far refrained from entering exchanges, and this trend may continue in August.

MicroStrategy founder Michael Saylor said the company had bought an additional 467 BTC worth $14.4 million in July. As of 31 July, MicroStrategy owns 152,800 BTC worth approximately $4.53 billion at $29,672.

BlackRock's filing to launch a bitcoin ETF is part of an "adoption cycle" that will allow the first cryptocurrency to hit record highs, Galaxy Digital CEO Mike Novogratz said. The head of BlackRock believed in Bitcoin, he said, and that's the most important thing that has happened in the crypto market this year.

The chances of the US Securities and Exchange Commission (SEC) approving a bitcoin-ETF application have risen to 65 per cent, Bloomberg analyst James Seyffarth said. Two weeks earlier, he estimated this probability at 50%; a few months ago – at 1%.

#BTC

Litecoin is experiencing a boom in network fundamentals ahead of its halving event, which is less than 24 hours away.

The mining community's sentiment is measured by two indicators: hashrate and difficulty. Since the start of 2023, the LTC hashrate has been steadily increasing. According to a Litecoin Foundation post, the LTC hashrate is currently 869.9 TH/s, with a difficulty of 25.64 million.

This hashrate increase shows that more miners are joining the LTC community, making the network safer and more reliable.

The forthcoming Litecoin halving, scheduled for Aug. 2, 2023, would reduce block rewards for Litecoin miners from 12.5 LTC to 6.25 LTC. The halving of Litecoin is expected to take place on Aug. 2, 2023, at 6:50 p.m. UTC. There are less than 1,000 blocks left until the event, according to a post by the Litecoin Twitter account.

However, minor timing differences may occur because the halving event is dependent on a certain block height rather than a preset duration.

Every four years, or every 840,000 blocks, the Litecoin halving process cuts mining rewards for transaction validation by 50%. This process will continue until there are no more LTC coins to mine, which is expected to be around the year 2142.Litecoin holders load up, social engagement jumps

According to a recent tweet by Santiment, key traders owning between $9,500 and $950,000 worth of LTC are rapidly accumulating as Litecoin's highly anticipated halving event approaches. Traders see this as a bullish event, as they do with most coin halvings.

Per Santiment, Litecoin mid-tier holders are stockpiling for the halving event, with dolphin and shark wallets amassing 205,400 Litecoin since June 14.

LunarCrush, a social analytics service, said on July 30 that Litecoin had a significant social engagement surge, reaching 2.16 million social engagements within one hour, indicating the depth of activity surrounding social posts.

According to LunarCrush, Litecoin social engagement is continuing to rise, indicating increasing community activity and participation in social posts.

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#Litecoin #litecoinhalving

The use of cryptocurrencies is rapidly escalating in Spain and around the world.When making payments, many Spaniards choose cryptocurrencies as their main means of payment.Bitnovo carried out research to understand how the cryptocurrency ecosystem is evolving in the country.

The investigation showed that 71.4% make payments with credit or debit cards, 50% with cryptocurrencies, 39.3% with Bizum, and 35.7% with bank transfers.

Positioning cryptocurrencies as the second-most-used payment method by Spaniards in the country.

Bitnovo also tried to understand the motivations of the Spanish when acquiring cryptocurrencies, the research indicated that 60.7% of Spaniards are motivated to buy cryptocurrencies to have long-term investments, 35.7% to make payments, 21.4 % for short-term speculation, and 17.9% buy cryptocurrencies out of curiosity.

According to data provided by Stadista, Spain ranks 22nd internationally in cryptocurrency adoption, with 15% of the population compared to 10% in 2019.

Finally, the investigation carried out by Bitnovo revealed curious data regarding the use that Spaniards give when acquiring cryptocurrencies; it indicated that 53.6% of Spaniards use cryptocurrencies for savings, 42.9% for investments or trading, 35.7% for payments, and 10.7% for remittances.

The research carried out by the company indicated that the Spanish see cryptocurrencies as a means of saving with a long-term vision.

In this sense, we can see how the cryptocurrency ecosystem is growing rapidly as one of the payment methods chosen by the Spanish, managing to surpass bank transfer as a payment option.

#spain #crypto2023

Handling FOMO (Fear of Missing Out) in cryptocurrency trading requires discipline and a strategic approach. Here are some tips:

Educate Yourself: Make sure you understand the market and the specific cryptocurrencies you're interested in. Knowledge can help you make more informed decisions and reduce impulsive actions driven by FOMO.

Set Clear Goals: Define your investment goals and stick to your trading plan. Avoid making decisions based solely on sudden market movements or social media hype.

Risk Management: Only invest what you can afford to lose and diversify your investments across different assets. This can help minimize potential losses and reduce the impact of FOMO-driven decisions.

Avoid Emotional Trading: Don't let emotions dictate your trades. If you feel overwhelmed or tempted by FOMO, take a step back and reassess before making any impulsive moves.

Use Stop Losses: Implement stop-loss orders to limit potential losses in case the market moves against your position.

Focus on Long-Term Trends: Instead of chasing short-term gains, consider the long-term potential of your investments. This approach can help you avoid getting caught up in FOMO-induced volatility.

Tune Out Noise: Avoid constantly checking market updates or social media chatter. Staying away from constant exposure to market noise can help you remain focused on your strategy.

Remember that cryptocurrency markets can be highly volatile, and FOMO can lead to irrational decisions. Stay patient, do your research, and stay disciplined in your trading approach.

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Bitcoin Gold price shot up by more than 54% in the span of just a day to bring the altcoin to $20.98 at the time of writing. While the rally in itself is pretty huge, during the intra-day trading hours, the cryptocurrency was doing even better. Hitting a high of $25, BTG shot up by nearly 90% in the past day before receding to the current trading price.

This is the first time in almost ten months that Bitcoin Gold price has registered such stark gains in a single day. The last time this happened was back in October 2022, when the altcoin shot up by more than 161%. At present, while the exact reason for the rally is unknown, speculation points towards meme coins.

Satoshi Talks, a crypto influencer, tweeted that the renewed interest in small-cap tokens, including meme coins, could be behind the rally. This is partially correct, as the likes of Shiba Inu and Bone ShibaSwap (BONE)  observed significant gains in the last few days. 

Similarly, the speculated reason behind the rise sparked bullishness for the likes of Bitcoin Gold. The investors also jumped at the chance of making profits, and this was reflected in the trading volume of the digital asset.

Over the past 24 hours, BTG observed a total transaction volume of $209 million, which represents more than 60% of the total market capitalization of Bitcoin Gold worth $346 million at the moment.

This surge in trading volume was no less either as compared to the previous week’s average of $1.7 million; $230 million is a 13,430% increase. But this bullishness will likely subside, and the gains will correct since the Relative Strength Index (RSI) suggests that Bitcoin Gold is clearly oversold

Since the market is overheated, it will need to cool down, and with it will come some drawdown, making Bitcoin Gold a not-so-necessary asset to add to your portfolio for now.