1. Follow Crypto News and Social Media: Following crypto news sites, Twitter accounts, and subreddits is an effective way of keeping up with cryptocurrency market trends. The news can provide an insight into the long-term market opinion, including new developments in the industry, major players, and upcoming events.
2. Utilize Cryptocurrency Trading Platforms: Many cryptocurrency trading platforms provide real-time data on prices, trading volume, and overall market sentiment. By studying these indicators, you can form an opinion about the general direction of the market and make your own forecasts.
3. Use Technical Analysis Tools: Technical analysis tools such as relative strength index (RSI) and moving averages (MA) can help you identify chart patterns and detect breakouts and other price movements. These tools take the guesswork out of decision making by providing traders with the historical data they need to predict the future.
4. Monitor Exchange Rates: Exchange rates play an important role in setting the prices of cryptocurrencies. By tracking exchange rates across different exchanges, traders can determine which coins are valuable and gain insight into the general health of the market.