Seasoned crypto trader Charlie (@btc_charlie) believes we are on the cusp of another parabolic crypto bull run. However, he cautions traders not to get overly euphoric and to have a prudent plan to manage risk and take profits.
Signs Point to Early Innings
Despite recent gains across altcoins, Charlie sees signs we are still in the early stages of a new bull cycle. He notes crypto total market caps and the US Dollar Index as macro indicators that remain relatively subdued. Additionally, Bitcoin has still outperformed most altcoins year-to-date.
Avoid Repeating Past Mistakes
Having traded through previous frenzied rallies in 2017 and 2021, Charlie warns of becoming overly emotional and failing to take profits on the way up – mistakes he himself has made. He suggests staggered take profit levels, using the example of taking partial profits at $3, $5, $10, $20, and $100 for a particular altcoin trade in 2021.
Entering Trades with Conviction
For traders not yet allocated to this nascent bull market, Charlie advises waiting for opportune pullbacks to enter, rather than fomo chasing. He also suggests identifying accumulation zones beforehand for coins you want to buy on dips.
Staying Nimble and Managing FOMO
Charlie notes that altcoin beta is high currently, enabling nimble traders to capitalize on rotations between strength. However, he cautions traders not to go “all in” just yet. If we do get an insane bull run, there will still be ample opportunities to profit from momentum.
Read also:
- Why QUBIC’s 10,000% Explosion Outperformed Even Solana’s Meteoric Rise
- Why is PIVX Coin Pumping? Here Are Reasons Behind the 160% Pump
- Can the Cronos Rollercoaster Soar to $1.00? After Raising $1.5M, Is This the Next Top 100 Crypto?
By balancing prudent risk management with conviction in trading the trends, Charlie believes traders can optimally ride what he expects to be an explosive new crypto bull market.
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