Today I want to share with you my observations on the WOO cryptocurrency coin. I like this coin, I have been keeping it in my cryptocurrency wallet for a long time and successfully making money on it.
Bitcoin and WOO addiction
My observations. This coin is well dependent on the main cryptocurrency coin Bitcoin. I noticed their dependence. When Bitcoin rises, the Woo coin rises too. Conversely, when Bitcoin falls, WOO also falls. Yes, I understand that almost all altcoins depend on Bitcoin. But someone depends more, and someone less. In our case, our coin is highly dependent.
Lately I’ve been following two strategies
- I am a holder if there is a bearish trend (fall). And I do not sell any coins and I am waiting for a profit in my wallet.
- I can turn into a trader when there is a bullish trend (growth).
Whenever there is growth, there will be a correction afterwards. Correction is a small rollback.
In my understanding a trader is:
- If he sees growth fixes profit when he sees the approach of the beginning correction.
- He buys again cheaper than he sold and waits for an increase in price again.
Today, 03.28.2021, there is a bullish trend when the cryptocurrency is growing. Therefore, I can follow my second strategy and be a trader.
I will continue talking about WOO cryptocurrency coin since I started my news with it.
My strategy. I buy Bitcoin and Woo when there is a market correction. I sell coins with a good profit when the coins have risen and a new correction is approaching. According to my observations, these two coins depend on each other. Unlike other coins. Other altcoins may pump are possible that do not depend on the price of Bitcoin. Such pamas happen from good news about development or something else.
I took the charts of both coins on coinmarketcap. This graph displays the value of WOO and BTC over the past month. As we can see they are similar. Therefore, you can look at WOO if you want to diversify your portfolio and secure yourself with at least two coins when trading.
I do not know how long the dependence of these two cryptocurrencies will be read. So far my theory is working. Let’s find out together what’s next.
If you are an ordinary person, it is almost impossible to keep track of a large number of coins in the cryptocurrency market. For this reason, you can choose a small number of stablecoins from which you can earn.
Cost and schedules
Where to buy and sell
If you want to buy and store coins, then you can do it with cryptocurrency wallets. Link.
If you want to trade, then you can buy and sell mail coins on all major exchanges. I recommend these:
Disclaimer: This article is not investment advice. Assess the risks yourself before making any investment decisions.
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