Crypto Can We Follow Bitcoin Chart Pattern To Prevent Loss In Cryptocurrency Trading?

[Good-Guy]

Bitcoin is considered one of the most popular cryptocurrency and it is also hailed as a "leader" of many other cryptocurrency due to the fact that it has the highest market cap and it's rank is top. There are many people who are buying and selling Bitcoins but there are many people who also trade in many other cryptocurrencies. I was considering the fact that is it possible to prevent loss just by monitoring Bitcoin in case you invested in some other cryptocurrencies? Do the prices of all the cryptocurrencies fall at the same time or is it Bitcoin that gets affected first in case any major fluctuations happen in the cryptocurrency market? This question is really important because we could save loss if in case Bitcoin is the first coin that gets affected during market crash. This is because many people do not trade in Bitcoin rather they prefer other cryptocurrencies. Please answer because I am seeking the answer of this very important question and I have not found an answer to this question.

 

[Sotherefore]

Well it is possible for you to follow up the chat to understand when to buy and when to sell but if you do not understand the fundamental aspect of cryptocurrency which is the technical and fundamental analysis it may still be impossible for you to predict perfectly when the market will drop and when it will come, in generally it is even advise that you only have to learn and understand everything about cryptocurrency if you are really interested to understand how to make the best use of it ,it might cost you some money but it is a sacrifice you need to make.

 

[moonchild]

Chart as everything else used to navigate the market is a tool, you shouldn't get to hang up on it, but it's a good price indicator and can show price levels on your chart that can help you make decision on your trades.

The most important when using charts is to always adhere to strict risk management, without risk management when your analysis fail, you wouldn't be able to rescue your trade, but if you risk little even if it goes against you, you know that you are safe, but using a Chart is the same with Fundamentals and Sentiment