Let's get real most people should not be day trading the cryptocurrency market it's way too volatile it's way too illiquid and most people are just going to keep on trading until they lose their entire account in my opinion a much better way to approach cryptocurrencies is to use swing trading because thatGives you more time to get in and get out you can make some decisions and you don't have to rush yourself so in this video I'm going to show you the strategy that works for me and many others and it's a super simple strategy it's basedOn common sense and I'm going to take you through the steps right now the first thing to understand what cryptocurrencies is that there are two types of projects the first one is a legitimate project that has a genuine use case and is useful and will probably survive Bitcoin is a good one obviouslySecond type of project which is most of the other projects out there minus a handful of them are trash they're not going to make it they have no use at all they're only nice ideas and they're good for speculation and I say this because a lotOf people will stay in a trade on a cryptocurrency just because they think it's a good project however they fail to recognize that most projects are not good and there's nothing wrong with speculation you can make a lot of money trading crypto on speculation however doNot confuse a good project with a pure speculation all right now that we have that concept out of the way let's take a look at the charts and see what we notice here so I'm going to go to the Litecoin chart and this is let's take the weekly chartOkay so that's Litecoin this is Monero this is Bitcoin this is Bitcoin cash ethereum ethereum is a total trash project by the way if you want to know why look at this video uh and then bsv and you have a ravencoin so what do you notice about these charts let's take aCommon sense look at it when it runs up it comes down really quickly right these are like penny stocks so a lot of people will make the mistake of getting into a project thinking that it has long-term value they're going to ride it all the way up they're going to keep on holdingIt because they think it's going to go higher and then they're going to ride it all the way down and they wish they sold and I've done this in the past so I know exactly how this feels I'm not trying to make anybody feel bad but I just wantYou to recognize what the price action looks like in these cryptocurrencies so if every single cryptocurrency including Bitcoin which is a quality project is going to come back down again then there's no point in holding it until it comes back down so the basic strategy here is to just wait for the baseballCap I call it a baseball cap because it looks like a baseball cap there's the top of the cap and then there's the bill of the cap and we can see that on previous run-ups right like so this one is a more pointed hat but it comes upComes back down and you see this consolidation area and then boom it takes off again so the strategy here is not to put all of your eggs in one basket scale in and scale out because you don't know where the Market's going to go so for example let's say that youGot into Bitcoin maybe around down here price started to run up and then once it got to here maybe you want to take off a third or a fourth of your position take your profits take it off the table and then it starts to run up here maybe youTake another uh third or a quarter off and then once it gets really high and it goes Super parabolic then that's probably where you should get out then when price comes down which we have seen it always does then you want to do the same thingGetting back in so maybe around here you might think it's at a low so you might take a quarter of your position and then maybe it comes down to here and you take another quarter and then come down here and then maybe you take the rest of itAnd then it might keep on going flat or it might Spike up like it did here and then you just do the same thing you scale out you maybe exit here exit here exit here and then you wait for price to come back down again now even though I saidBitcoin is a quality project it will have these run ups and rundowns as you can see here right it'll come back down again and this might go sidewards for a little while or it might shoot back up here who knows but do not get trapped inJust having one big position in one area and then writing it up and then writing it all the way back down now if you're looking for more speculative coins or tokens I found that the best way to figure out if it's going to pop again orNot is if it has a big following so the way you can figure this out is you go to their website you check out their Discord Channel you check out their Twitter account you check out all of their social media accounts and see how many followers they have now obviouslyThis is not a guarantee that the price will go up just because it has a lot of followers but assuming those followers are legitimate followers common sense says that a lot of those people are going to be holders and the more holders there are the more demand there's goingTo be for that coin and the more likely it is to go up and my final tip is remember that Bitcoin is always going to lead the market so just watch Bitcoin see what Bitcoin does bit coin is going to pop and then some of that money isGoing to flow into the altcoins and that's when those altcoins will pop also so this isn't rocket science it's just common sense you just need to look at the price patterns take a look at where bitcoin's going and find some good places to get in scale in and scale outAnd remember while you're waiting for Bitcoin to pop you can use some back testing software to practice your entries and exits and that will give you the skills and intuition to get in and out of the markets efficiently alright so that's my super simple cryptocurrency swing trading strategy if you like thatVideo give me a thumbs up subscribe to the channel to get more videos like this and thanks for watching foreign