Topic: Bought my first BTC @ $4600, slightly worried - page 13. (Read 7868 times)

Hi

You need to look at the value you have right now forget how much bitcoin you have for a minute. That would help you understand my next statement. This is only my advice as you seem like your not really cut out for this. First of all you have to be very vigilant jump off the horse now, i mean sell if you think its still  on a downward slope, then as soon as it starts to climb or reaches the value you sold it for jump back on. With that method if you are lucky you could end up paying $3000 for a bitcoin. Now there are various factors like buy sell prices, and whether you think its still going to go down lol yh I never said it'll be easy but if it goes back up at least you limited your loss.

Please do your own research, this does not constitute as any sort of investment advice. Its merely an opinion.

As a first-timer in the world of cryptos, you should have asked for suggestion first before buying bitcoin, especially that the bitcoin price is too high these days. I think, you've just made the WRONG MOVE for this year since you bought a bitcoin at the time when it is on its peak price. Well, you have only two options for now: its either you'll trade your 1btc to other coins, or save it and wait for btc price to rise up. But be sure to watch the price of other coins so that you'll be able to gain profit.

Lesson learned, it's always better to be greedy when others are afraid, but only when others are afraid. The trouble, of course, is telling the difference. Buying on a rush of bullish sentiment on seeing the $5000 mark is an easy mistake to make, you don't want to miss out on all the profits. That makes you become one of the profits, unfortunately, at least in the short-term. If you're confident enough about your trading abilities, you can sell and try to time the market so that you buy back in when it's rebounding; that could work out great, if this bear run reaches its projected low at $3164, or not so great at all if it's nearly done already and you end up buying high after selling low. IMO now that bitcoin has broken out of its recent "coil" formation (several days of higher highs and lower lows) to a more standard bear market formation of lower highs and lower lows, we can be fairly confident that it's going to last at least a little while, but the question is how much further it's going to fall, or for that matter if it's going to fall further at all. The news that North Korea is using bitcoin to avoid UN sanctions could cause more regulatory hammers to fall, in which case it would probably crash pretty hard as people take their money out for fear of having it trapped in exchanges that are shut down - breaking news of China's ban on exchanges being just a rumor after all, on the other hand, might very well restart the bull market. Obviously I'm not confident enough in my trading abilities to time this market.

If you're willing to lose what you've invested, keep holding on. This is not an uncertain market caused by community differences, which can be easily solved just by bitcoiners agreeing; this is the point where bitcoin is drawing lots of notice from the powers that be. If they don't decide that it's too inconvenient and crush the burgeoning enthusiasm with regulatory burdens beyond what's necessary, it has a lot more growth potential. If it's wrapped around with lots of pointless red tape, or just banned entirely from even more major exchange countries, it could end up being worth the paper it's written on. That's a choice only you can make as an investor. Ideally, you already made that choice before investing, but of course it's easier to make that choice when everything's sunny and it looks like you'll end up being another of the overnight millionaires you hear so much about. What you don't hear as much about are the people who supplied those millions of dollars to the market's liquidity and then ended up cutting their losses early, because they were afraid of losing it all. This could be another of those situations very easily - it only takes a little bit of different news to change people's moods about speculative markets, given the herd mentality you tend to see with these things. If you read back in the forums, people had this discussion every time bitcoin hit a new high - is it time to sell now? Is this as far as it'll ever go? It wasn't, obviously. Personally, I'm holding on to what I have, but I'm not quite confident enough that this is the end of the bear run to buy more. Dunno if it helps you at all, hearing about why and how I'm ambivalent. It's not an easy choice, if you care about losing that initial investment.

That's not really a beginner mistake as he had no clue of the market would drop to below $4000. What if he waited and waited for it to drop and Bitcoin went to $7,000 instead? He had no insider info that China would all of a sudden want to ban ICO's

dont worry guys. because i believe that the price must be increases
just hold until in the end of this year. and im sure that you can get the much profit.
just be patient bro

I fully understand how you feel...we are all humans and we worried if there is that possibility that we can lose anything especially in the area of investing. Yes, I think you made it to Bitcoin at the wrong time with that news coming from China on offering ICOs within the country. And then here is this persisting rumor that eventually China will also ban the operation of Bitcoin exchanges (though Bitcoin itself may not be ban at all and P2P transactions can be allowed).

However, I am suggesting that you do not entertain the idea of cashing out or converting your Bitcoin to other coins as that can be counterproductive in the long term. Eventually when all of these news coming from China would wear out we can see that Bitcoin will slowly inch its way up. It is just a matter of time and not really a matter of if.

I am hoping that you are part of the club that is really believing in Bitcoin and would continue to HODL what we got...let's just ride this storm as it will surely pass away...and then sunshine would come in to give us new reasons to celebrate again.

Long live, Bitcoin! We hodl...we are good!

Oh wow. Getting 1 Bitcoin off the bat. You have balls, sir, if nothing else. It's a huge amount of money, and I personally would have put in less, but different strokes for different folks. Still, though, I wouldn't panic just yet. It will recover like it always does. It's just bad luck on your part to have invested immediately after a crash.

Patience is key especially in crypto currency world. My advice for you is to remain patient and hodl for a long term. See this your recent purchase of Bitcoin as a longterm investment as soon as the market gets bullish again you will begin to see profit.

It is okay to worry as it is normal in all currency to go up and down but there is nothing really to worry about as there is a promising future use for bitcoin. It might even hit its all time high soon enough.

Oh, that's unfortunate. If only you've bought earlier like mid-August you could have gained 2x of your investment. Or maybe even waited until this week of September, you could have bought for a lower price. But seeing that you're new in bitcoin, if I'm not mistaken, I couldn't blame you for waiting a month before investing. It's a must for investors to test the water first before diving in. In fact, when I was a newbie in cryptocurrency I've waited for 3 months before I actually tried it. But don't you worry there's still hope for your investment. No matter how low btc gets don't you ever sell it. The bubble will eventually come again you just have to wait for a little while. If you are gonna ask people here how long they've hodl (hold) their btc you will be surprised that they did for 4 months and even for a year. And they reaped what they sowed. Just hang on there and you'll be fine there's nothing to worry that much because this dip is normal and healthy for btc.

No need to panic because of this. It already happened a lot of times before. I'm pretty sure that there are also lots of people out there that bought Bitcoin on a high price and suddenly there was a price drop. Some of them held their Bitcoin and they are happy now because they gained a huge profit. Some of them started to panic and sold their Bitcoin thinking that they might lose more if they will still hold it. Always remember that no matter what happen, Bitcoin has the chance to recover in the future. Keep believing on Bitcoin and I'll assure you that you will never regret it.

Depends. If you want to hold Bitcoin as a long term investement, you shouldn't care about the ups and downs. Rather buy more when the price is low and turn into a true HODLER.
If you are trying to make a quick buck, you might be wrong at Bitcoin.

I must admit buying one Bitcoin at the rates of $4600 USD from the market is quite high, but bitcoin volatility is huge if you compare it with other traditional investments, as long as you don't sell away your bitcoins below $4600 USD, there is always a chance for bitcoin values to hit another high record, and you will earn some profit from it if you are patience enough to hold your trades for now.

don't worry just hold your bitcoin I'm sure it will increase $5000 in next month or maybe in next year if you set your goal in $6000+ just don't panic sell.

Well. The price is plummeting right now, and I think it will continue to gently decrease over the next few months until the next piece of big positive news arrives.

Just hold. I did kinda what you are thinkig about and sold out at $400 per BTC. Now at these prices (~$3900) I'm only just back to where I was (BTC balance wise) after months of playing with the forum and a few lucky breaks. Bear in mind I still only have 0.07-0.1 BTC.

This forum can make you Bitcoin. I left for a while. I came back with $20 worth and now I have around $300 for a bit of my spare time over the past few months. I genuinely beleive I will make myself 1 BTC within the next year at the rate things are going (which in fiat, is a terrible wage where I live) - and I wont be selling it.

Dont sell. Trust what people tell you.

You don't need to worry about these short-term dips. Just forget about your holdings for the next 2-3 years. Anyway November 2017 is not very far away. Once the 2MB block size is implemented successfully, the prices will move past the $5,000 mark. The FUD about the exchange ban in China, and the statement from the JP Morgan CEO won't be able to push down the exchange rates for very long. They will be forgotten after a few weeks. But please store your coins safely and securely.

I feel you! I bought a similar amount over the past month at an average of $4,200. I was doing okay but then bought some just before last weeks crash and then again before this one. The ICO ban effect I was fine about, it was always going to happen and the price recovered quickly. This one however I am much more concerned about. I am quite deep in the red overall and I cannot understand why the recovery has been so slow compared to what happened last week. There doesn't seem to be much upwards action or positive news coming out at the moment. Even the most positive people are waiting and riding out the storm this time whereas last week they were buying the dips and bringing about a speedy recovery.

I know this has happened before but there is just a sense amongst a lot of people I have spoken to that this is going to be a big test and that more bad news is around the corner... Now obviously no one can predict what will happen. We may see a recovery in the next few days. However if everyone is waiting for more news and HODLing then it means few are being defiant and buying which will inevitably lead to further reductions in price.

Rumours, if anything are worse than solid news. If China just banned exchanges we'd probably be at $3,000 but recovering by now however the because of the rumours we're holding out at $4,000 and barely moving from there. A negative announcement therefore will have significant effect as the starting price will be lower.

Overall I am positive in the long run. I cannot see how BTC and other cryptos can be killed off or be knocked back too much more however their strength is certainly being tested right now and there desperately needs to be some kind of widespread positive news to rev up the engines once again.

My overall prediction is that the rest of the year will see a continued decline overall, a trap that BTC has so far avoided apart from in the early days. However after that there will be slow and steady recovery... Maybe lows of $2,500 rising back up to $5,000 through 2018. I'm holding regardless and will continue to use the portfolio I currently have to look for opportunities to soften the blow and bring about some nice gains in the future once it all calms down.

Do not get worried in buying bitcoins. You are just preparing yourself for your future. I think that you should be happyrather than being sad. Because bitcoin will journey to the moon and you will surely love it/

Well, I think you must decide what you really want to do with your coins, and how you see them. Do you want to trade them, and try to explore the volatile crypto market, or you bought them as an investment, and are thinking what the price will be 3-5 years from now. I see myself as a holder, so I really don't care about all these fluctuations. Yes it would be better if you bought them bellow $4k, since they keep going there, every time China opens their mouth, and everyone starts to panic sell.

My words of encouragement to you are: put that BTC in a safe wallet from which you own your private keys, and hold it. There will be a halve in 2020, so the price will probably double by them or more. Also, it's expected for the wall street guys to start moving into bitcoin during 2018, so you will probably see a big rise in the price as well. Also don't forget that BTC has a coin cap, that will take a while to reach of course, but this means that for that reason alone, the price should rise, if they remain popular. I all wished we bought our coins when they were worth pennies, but we didn't, but this is still recent, so I think you still got them for a good price, so don't worry.