Hey crypto enthusiasts! With more people joining the crypto world, there's a bunch of new coins popping up. But let's talk about something important – the challenges when we try to figure out these new coins using something called Elliott Wave analysis. It's not as straightforward as it sounds, and I'm here to break it down for you.

When a new coin comes out, it's like trying to solve a puzzle without all the pieces. For proper analysis, we need to look at its price moves over a few months to make sense of it. Even then, it's a bit like predicting the weather – not always accurate.

Some of the coins are in forever downtrend and only moves upwards in a corrective manner. Some of these coins act like zombies, not showing a clear direction. The best we can do is find a favorable risk to reward ratio while opening a position into such coins. Using just EW analysis and totally relying on it at the infancy stage of a coin is not an effective way of trading. But really, you would struggle with any technical analysis method if the chart history is short. Now the main question is that can you still buy them*?* Sure, it is conceivable to consider investing in them, but the unclear path typically results in a lower win rate. And, most certainly, you would not buy these based on an Elliott Wave analysis.

The real issue lies in the psychology in the crypto space, not in the Elliott Wave analysis itself. Many folks jump on every new trend, and that's not always good for their portfolios. We need to be smart about it, telling apart good trades from risky and unreliable ones.

Being savvy in the crypto game means being smart – not blindly following every trend that pops up. New coins come and go every single day in crypto world. Some might stick around, but a lot of them have a tougher time because they're fresh and don't have a clear track record. It's like betting on a new player in a game – you're not sure if they'll score big or fizzle out.

Some of these cool coins might stick around for a season or two, but they often have a lower success rate in trading because they're new and don't follow a clear trend. So, maybe trading them in smaller amounts is a wise decision as a trader. It's a bit like dipping your toe in the water before doing a cannonball – less splash, less risk. This way, you're not putting all your eggs in one basket (or coins in one wallet!), and you can still ride the wave without getting knocked off your board.

Bitcoin is the main attraction in the crypto world. Its price movements are more understandable, especially when we zoom out and see the whole picture across different timeframes.

Now, here's a little piece of insight for you: successful traders often pick one coin, like Bitcoin, and really get to know it inside out. They understand its quirks, its habits, and how it responds to different situations. But some folks play a different game. They jump from one trending coin to another, like switching channels on a TV and it's not a great idea. Imagine watching only the exciting parts of a movie and missing the whole plot. That's what happens when you keep jumping around between coins. You miss the bigger story, and that can lead to losses.

It's like learning to ride a bike. You start with one, get the hang of it, and then maybe try a fancier bike later. If you keep switching bikes without mastering any, you might end up falling more often. Similarly, sticking to one coin lets you understand the ups and downs, helping you become a better trader. So, let's not fall into the trap of constantly chasing the latest trend. Instead, let's ride the crypto waves with a steady hand and build our skills over time. 🚴‍♂️💡

In a nutshell, jumping into every new trend isn't the wisest choice. It's essential to take it slow, and not get carried away by stories of huge profits. Believe it or not, those who brag about making ten times their money might have also faced significant losses on other deals before quietly leaving the stage. So, let's be cautious, learn the right skills,

Navigating the crypto world is like sailing a ship. Be cautious, understand the challenges with new coins, and remember that not all waves (or coins) are the same. Stick to what you know and build your skills steadily, and not fall for the allure of quick riches. 🌟💰 .

Happy trading, crypto fam! 🚀💰