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Bulls Pushing Up: What is the Bull Trend in the Cryptocurrency Market
The cryptocurrency market is governed by two types of traders — the bulls and the bears. Today, we’re going to review what the bulls do.
Why the Bull?
As traders themselves say, if the bull attacks it’s always from the bottom upwards, by thrusting the opponent with its horns and tossing them up. In other words, a bull trend is an increase in the price of cryptocurrencies when the market is kind of pushing the price from the bottom point upwards.
It’s easy to see that a bull trend is developing — it’s sufficient to have a look at the cryptocurrency price diagram. An upward trend is a sequence of price values, with each subsequent value higher than the previous one. If the price goes up and immediately back down again — this is no trend, it’s a short-term price increase. When, however, the price moves from one maximum value to another, i. e. when the overall price grows fast with slight downward fluctuations, this is the upward — bull — trend.
What shall I do?
A trader must be able to see when the market enters the bull trend rather than simply being adjusted. Many traders think that the start of a sustainable bull trend is the best time to enter the market since the stock price is constantly rising.
Most traders prefer the bull trend as its makes earning a profit easier and faster. When the stock price has been rising for a long period of time, the bulls are said to govern the market.
One should remember, however, that a trend must persist for at least several days rather than hours. If a trader prematurely views a short-term market move as a long-term trend, they might sustain losses. It bears a special importance on the cryptocurrency market, with expensive cryptocurrencies such as Bitcoin or Litecoin in particular, since the price behavior may change at rapid-fire pace, within a few hours, while losses may be huge. However, if a trader is right about picking up on a bull trend, their profits are going to be high.