The Cryptocurrency market has been expanding incredibly and is valued at 1.49 billion USD as of 2020. If it continues to boom at the same speed, it is expected to reach the $5 billion mark by 2030. Given the volatility of the Crypto coins, a Crypto trader can benefit from large price movements of different digital currencies every day. 
Investing in just one Cryptocurrency and hoping for great returns is not efficient. You need to know how, when, and what else to invest. To help you out, we have put together the 10 tips essential for Bitcoin and Crypto trading:
1. Don’t hold altcoins too long
An altcoin is a digital currency that is not Bitcoin. Most altcoin prices are dependent on Bitcoin’s market price as they are considered a less expensive Bitcoin alternative. Since the market prices of Bitcoin and altcoin are relative, it is advised to not hold altcoins for too long. This is because Bitcoin prices are projected to continue rising in the coming years. The rising Bitcoin price will eventually drive down the prices of altcoin, which could lead to potential losses.
2. Prepare for a volatile market
The Cryptocurrency market is one of the most volatile markets worldwide. This is mainly because it is an unregulated market, which means no government or economic health of a country affects its price. The Crypto market has experienced extreme highs and lows in recent years. As a result, a beginner Crypto trader needs to be cautious when entering the market.
3. Research about each digital token
Over 6,000 digital currencies are floating in the Cryptocurrency market as of 2021. However, there are some digital currencies that are not as stable as others. Avoid getting into a rug pull by researching their backgrounds before investing. Read about when the token was launched, who or what backs it, historical price fluctuations, and future projections.
4. Avoid FOMO
Fear of missing out (FOMO) has a strong existence in the Crypto market. Most beginner traders impulsively invest in Crypto because of FOMO. However, investing in an asset without proper research and a solid trading strategy is never advisable. When more buyers enter a trending market, prices increase even further. However, prices fall just as quickly because the highest price level is not the actual price point.
5. Diversify your portfolio with different tokens
In Cryptocurrency trading, it is ideal to have a few tokens along with Bitcoin in your portfolio. This is to mitigate risks and maximise potential profits. Diversifying your portfolio will allow you to enjoy potential gains through altcoins whenever the price of Bitcoin falls.
6. Buy the dip wisely
Most beginners tend to buy heavy quantities of a coin just because its prices are low or affordable. However, when you invest in Cryptocurrency, you should focus on the token’s market cap more than your affordability.  It is ideal to have 10 $100 coins instead of having 1,000 $1 coins, provided the market cap and stability of the $100 coin is better. A market capitalisation of a digital currency could mean that it is a better investment.
7. Set profit targets and use stop-loss orders
Identify stop-loss levels for your trade to lock in potential profits and limit losses. Most traders set stop-loss orders at the purchase price so if prices fall lower than that level, the order is triggered. You may also set your profit targets the same way. For example, as soon as your token reaches your target price, go short to lock in your gains.
8. Consider investing in common Cryptocurrencies
Most traders buy and hold reputable Cryptocurrencies like Bitcoin and Ethereum long-term. One should consider holding these tokens because their prices tend to increase over time. Bitcoin is known for its high volatility. This is why experienced investors now prefer holding the token for at least 1 year to gain significant profits. 
9. Focus on blue-chip tokens
A blue-chip Crypto is stable and has a reasonably well market cap with high liquidity. The Cryptocurrency market, like any other market, includes penny coins, mid-cap tokens and blue chips. Blue-chip coins cost more but provide more liquidity and stability. Penny coins and mid-cap coins might look more tempting because of their low prices, but it is more ideal to invest in coins that contribute to the overall market sentiment. 
10. Always keep an eye on Cryptocurrency news and global developments
Be updated on the latest Cryptocurrency news in and outside your country. This is because some news affect market price fluctuation. Global developments also impact prices regardless of where you are trading from. For instance, the recent Facebook rebranding to the name Meta drove up the price of Decentraland MANA by 400% in 48 hours. Knowing news about Crypto and regular global changes can help you always stay ahead.
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Candlestick patterns are used to predict the future direction of price movement. Discover 16 of the most common candlestick patterns and how you can use them to identify trading opportunities.
What is a candlestick?
A candlestick is a way of displaying information about an asset’s price movement. Candlestick charts are one of the most popular components of technical analysis, enabling traders to interpret price information quickly and from just a few price bars.
This article focuses on a daily chart, wherein each candlestick details a single day’s trading. It has three basic features:
The body, which represents the open-to-close range
The wick, or shadow, that indicates the intra-day high and low
The colour, which reveals the direction of market movement – a green (or white) body indicates a price increase, while a red (or black) body shows a price decrease
Over time, individual candlesticks form patterns that traders can use to recognise major support and resistance levels. There are a great many candlestick patterns that indicate an opportunity within a market – some provide insight into the balance between buying and selling pressures, while others identify continuation patterns or market indecision.
Before you start trading, it’s important to familiarise yourself with the basics of candlestick patterns and how they can inform your decisions.
Practise reading candlestick patterns
The best way to learn to read candlestick patterns is to practise entering and exiting trades from the signals they give. You can develop your skills in a risk-free environment by opening an IG demo account, or if you feel confident enough to start trading, you can open a live account today.
When using any candlestick pattern, it is important to remember that although they are great for quickly predicting trends, they should be used alongside other forms of technical analysis to confirm the overall trend. You can learn more about candlesticks and technical analysis with IG Academy’s online courses.
Six bullish candlestick patterns
Bullish patterns may form after a market downtrend, and signal a reversal of price movement. They are an indicator for traders to consider opening a long position to profit from any upward trajectory.
Hammer
The hammer candlestick pattern is formed of a short body with a long lower wick, and is found at the bottom of a downward trend.
A hammer shows that although there were selling pressures during the day, ultimately a strong buying pressure drove the price back up. The colour of the body can vary, but green hammers indicate a stronger bull market than red hammers.

Inverse hammer
A similarly bullish pattern is the inverted hammer. The only difference being that the upper wick is long, while the lower wick is short.
It indicates a buying pressure, followed by a selling pressure that was not strong enough to drive the market price down. The inverse hammer suggests that buyers will soon have control of the market.

Bullish engulfing
The bullish engulfing pattern is formed of two candlesticks. The first candle is a short red body that is completely engulfed by a larger green candle.
Though the second day opens lower than the first, the bullish market pushes the price up, culminating in an obvious win for buyers.

Piercing line
The piercing line is also a two-stick pattern, made up of a long red candle, followed by a long green candle.
There is usually a significant gap down between the first candlestick’s closing price, and the green candlestick’s opening. It indicates a strong buying pressure, as the price is pushed up to or above the mid-price of the previous day.

Morning star
The morning star candlestick pattern is considered a sign of hope in a bleak market downtrend. It is a three-stick pattern: one short-bodied candle between a long red and a long green. Traditionally, the ‘star’ will have no overlap with the longer bodies, as the market gaps both on open and close.
It signals that the selling pressure of the first day is subsiding, and a bull market is on the horizon.

Three white soldiers
The three white soldiers pattern occurs over three days. It consists of consecutive long green (or white) candles with small wicks, which open and close progressively higher than the previous day.
It is a very strong bullish signal that occurs after a downtrend, and shows a steady advance of buying pressure.

Let's cover rest in part 2
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