Here goes nothing... picked up some BTC @ under $3050. Let's see how this plays out.
To rebuy or not to rebuy...
In a previous blog post I talked about my strategy for taking profits.
So when Bitcoin hit $4000 I took profits. I think I cashed in at around $4050. I still hadn't withdrawn those profits from the exchange and I've been contemplating what to do with them and whether I'd rebuy should be the chance arrive.
It wasn't long ago that $5000 per BTC was looking inevitable, rebuying at lower than $4000 seemed fanciful. However, with the perfect storm of FUD upon FUD, Bitcoin has seen a huge price correction with 1/4 being knocked off in a matter of days.
Sleeping on it
So I went to bed last night resolved that I would buy back in at around $3000.
$3000 exactly is a psychological threshold, so I put my order in at $3020. I woke up to find Bitcoin hadn't hit my order (it had dipped to $3050.). I really don't like trading anymore however I set a Coinigy alert for if the price hit $3050 again. Sure enough it did and I was able to pick up some for under $3050.
Don't sweat the small stuff
I'm sure this correction could see the price breach $3000. The next significant price imo is $2900 (on the major non-Chinese exchanges) which the the previous resistance that was broken in early August. However I've got a feeling Bitcoin could find support at $3000 however I'd kick myself more if the price rebounded before hitting that mark, than I would if I miss out trying to squeeze out a little bit more bitcoin. Buying back at 75% the price I sold for seems good to me, all things considered.
Crystal ball plans
So I have a few more bitcoin than I did when I took profits at $4000. I have no idea where the price is going next but I have a plan for both a rise and a further fall. If the price continues to go south in the short term, I'm not interested in buying unless the price falls under $1000. If the price rebounds, I think I'll take profits again in the $4300 - $4500 range.
With my additional bitcoin, I may see if I can pick up some cheap crypto... however to be honest, even with as much as a 1/3 discount a lot of these coins are still looking overvalued to me. Particularly if this is more than a correction and the start of a bear market. I'd much rather wait for a better opportunity in those coins, however for Bitcoin, this moment was too tempting to resist!
Good luck man. I can't buy right now but I am rooting for everyone who can.
ive been making small buys most of the week anticipating a possible retest of $3,000 level which was never back tested since bitcoin plowed thru the resistance and rocketed to $5k. I didn't really think it would go back to $3k so soon but all the FUD this week helped it get there.
This morning when I woke up and saw btc at 3060 I was hesitant but then I remembered when it went to $1800 about 5 week ago and how quickly it went back to 3000 so I bought Double what I've been buying earlier in the week. The order filled at $3070 per btc. Exactly 2 hours later I look at the price and see this bullish engulfing candle on the hourly chart.
It may test 3k again but there sure seems to be a lot of buyers near that area. Glad to see someone else saw this as the great opportunity that think it is. It may go lower or it may very well run back to $5000 before we know it. Time will tell.
I think that we will have a run for a while....$4K might be a test...cross that and I believe we push $6K.
Stall at the $4k, and not only might we retest $3K but $2500.
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Day trading. The road to ruin for many a poor man.
Hope you have a good back up plan
Plan 1:
Become a day trader and become wealthy.
Plan 2:
Go get a job.
Even swing trading is difficult....best results for the average person is to thing long term while picking solid investments and monitoring what is happening. Keep adding on pull backs and liquidate completely if something happens that makes the investment look unattractive.
That is my position anyway.
bet you're feeling sexy right now
Picked up tons of OMG at 6.50 an hour ago and the markets taking off 😬
Good point , the moment was too tempting to resist buying bitcoin...buy low and sell high bro-you will never go wrong
best of luck man.
I told the same in my posts.. $3K is the psychological threshold but also near the support and the TL (see the link).
Personally I think this will be a very extended dip. Currently people still have way too much hope. Only when everyone loses hope and starts selling (a few months in) the whales can buy up the newbies, will the price suddenly start massively rising again. People will buy the coins they sold a few months ago for higher prices etc etc.
Niceee