Peter Brandt, the renowned trader, provides traders with vital advise, including guidance on cryptocurrency.
Brandt recently tweeted that having excellent understanding of global macro fundamentals, indicators, and technical analysis may not have much of an impact on trading profits.
Brandt emphasised the need of self-awareness and how emotions may constantly work against a person. This is the beginning of successful market speculating, he says. Brandt highlights the ideal advice to “know thyself.”
Like any other market, the cryptocurrency one may require a thorough grasp of market dynamics in order to trade in order to maximise profits. While hodling requires retaining an asset for a long time, trading entails frequent buying and selling.
Emotional trading has often been noted by experienced traders as a hindrance to profitable trading. This is due to the fact that trading emotions can lead to a loss of capital and a number of other risks.
The attitude of buyers and sellers frequently has a big impact on cryptocurrency markets, creating a “Fear” and “Greed” scenario.
The Fear and Greed Index looks at emotion in the cryptocurrency market and measures it on a scale of 0 to 100, where 0 is “extreme fear” and 100 is “extreme greed.”
The indicator is now at 53, which suggests a neutral attitude.
Bitcoin drops below $29K
Bitcoin finally moved after trading inactively for a few days. Its price dropped below $29,000, the lowest in almost a month and a half for the top cryptocurrency. Bitcoin was priced at $28,838 after falling 1.85% during the previous day.
In the previous day, the prices of several cryptocurrencies fell between 2% and 10%, with XRP, Dogecoin, Compound, and Optimism among those trading negatively.
The overall amount of liquidations in the previous 24 hours has increased to $93.84 million, according to CoinGlass statistics. Predictably, the majority of those holdings—nearly $82.14 million—are long bets.
In all, more than 34,912 traders have been liquidated; the biggest liquidation, amounting to more than $1.18 million, happened on Bybit.
