Bought my first BTC @ $4600, slightly worried - page 2.

carlisle1

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Quote from: Fievel on September 13, 2017, 03:02:11 AM

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? Grin

I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

I am not sure if you still keep your money in bitcoin but if you do, i am sure that you've got your worries away and probably you're wishing that you should have bought more than 1 btc at that time since the price is getting back and just reached the $5000 level again and in my opinion if you really believe that bitcoin has a potential you should not have to be very worried whenever the price gets lower than the price that you had bought because sooner or later it will go back to a much higher level .

onurgozupek

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In #Bitcoin me trust

Don't worry and don't think about the price at the moment...

electronicash

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Quote from: rowbot on October 12, 2017, 07:59:35 AM

Quote from: exstasie on September 13, 2017, 03:10:31 AM

Quote from: Fievel on September 13, 2017, 03:02:11 AM

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? Grin

I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

Sure. Even for old timers, there is a perpetual feeling that one doesn't have enough coins. But such market sentiment (greed) is inevitably balanced by fear, and the nature of markets is to test the mettle of its participants. That means squeezing bulls and bears alike. If I were you, I'd prepare for the worst, which from here looks like a return to the $2000s. In the interim, there is major support in the $3000s, perhaps after a stop run below the $3600 low.

For all I know, this is just a shakeout before new all-time highs next week. But it's also possible that you bought a long term top. You need to be prepared for that. Undecided

Always remember. Markets are manipulated. Dont keep BTC just to keep them, make it an active capital + dont forget to diversify it into other ALTcoins.

if he still kept it as btc by now, he still have gained more than $500. OP were worried whether he wasted his money or not from the entry point of 4600USD while that time the price was sinking. but now that its rising as he expected. he should have gained. but but but if he diversified it to altcoins, then some of his altcoins might have been sinking too.

rowbot

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Quote from: exstasie on September 13, 2017, 03:10:31 AM

Quote from: Fievel on September 13, 2017, 03:02:11 AM

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? Grin

I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

Sure. Even for old timers, there is a perpetual feeling that one doesn't have enough coins. But such market sentiment (greed) is inevitably balanced by fear, and the nature of markets is to test the mettle of its participants. That means squeezing bulls and bears alike. If I were you, I'd prepare for the worst, which from here looks like a return to the $2000s. In the interim, there is major support in the $3000s, perhaps after a stop run below the $3600 low.

For all I know, this is just a shakeout before new all-time highs next week. But it's also possible that you bought a long term top. You need to be prepared for that. Undecided

Always remember. Markets are manipulated. Dont keep BTC just to keep them, make it an active capital + dont forget to diversify it into other ALTcoins.

DrGuns4Hands

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In your case it would be best if you just hold your bitcoin and wait till the price of bitcoin goes to bubble again. It won't take a long time since we recover from the last dump that happen when china banned bitcoin on their country but check the bitcoin chart it really recover so fast.

Omega Weapon

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Quote from: Syke on October 10, 2017, 01:00:45 PM

Quote from: Fievel on September 13, 2017, 03:02:11 AM

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess.

And now you're up 6%. Lesson to learn: HODL.

It is incredible how a single trade can teach you so much about bitcoin, and if we are honest, bitcoin seems like it is going to go up once again, bitcoin gold is going to be nothing but a way for people to get their hands on more bitcoin and it seems the segwit2x fork is weakening with each passing day, so things are really looking good for bitcoin despite all the bad news and FUD we had in the previous weeks.

BigTeeths

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I would say that it's not a good entry but I would not either say its bad. If you believe that bitcoin will reach $10k next year therefore you don't have to be afraid.

PancherBitCoin

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Quote from: arpon11 on October 10, 2017, 03:46:41 PM

Now that the is back at $4850 I think you can sell in other to reduce your fear. Successful traders are not afraid of losing when the price is going against their position. They know that the price is going to get back up. Trading has never been profitable as what we are experiencing in cryptocoin market and if you are not a panic one you can buy a coins or bitcoin today and become a millionaire in 5 to 6 years to come.

Looking at the latest Bitcoin prices on the stock exchange, you can say that luck is again a user in hand. Our assets are growing again and this can not but rejoice.

Wilhelm

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Just HODL relax take a beer.

All who are here have been in your exact position. Some bought at $2 and thought they were crazy. Some bought at $1500 and thought it would never recover...

How to look at this investment
BTC is a lottery ticket with a >50% chance of winning.

In 5 years time you will either be cursing yourself why you bought some. Bigger chance you will be cursing yourself why you didn't buy more....

arpon11

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Now that the price is back at $4850 I think you can sell in other to reduce your fear. Successful traders are not afraid of losing when the price is going against their position. They know that the price is going to get back up. Trading has never been profitable as what we are experiencing in cryptocoin market and if you are not a panic one you can buy a coins or bitcoin today and become a millionaire in 5 to 6 years to come.

trifiz

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Ahah don't worry about crashes, you are in profit right now. Take your btc into a wallet and soon you will have also 1 Bitcoin Gold.
And stay tuned because btc will hit $7000 soon.
HODL!

cindygirl

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Seems that all the people commenting on this thread at the time of the original post have been vindicated in saying not to worry and to hold on to it. Bitcoin will likely even increase beyond the current price by a substantial margin so there's really no 'bad' time to buy, just opportune and inopportune moments.

surix

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Now BTC price has recovered beyond 4600. I don't know if you decide to take profit or continue to hold. But in longterm, bitcoin will appreciate.

EcoChavCrypto

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Well you are in profit right now, only by a five percent at least, but it is good money because you bought at $4600 your bitcoin, and now it is upto $4850 each one.
So you can see it, you waited some time, but you are in profit now, maybe it took a little bit long since you bought on a bearish trend, but now it is over and the price is going up again.
You made a good investment.

xFiber

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Quote from: eann014 on September 24, 2017, 07:20:27 PM

$4600 bitcoin for your 1st buy is not really good. When the price dump until $3500 maybe would be better for you to buy. I think you are too excited to have bitcoin in that day. Today bitcoin is lower than $4600 which is really not good for you. Try to wait until end of the year.

Honestly, if you're looking at the long term any entry price right now would be good. 1000$ is a bargain if compared to the potential that bitcoin has in the upcoming years.
It doesn't matter that you bought at 4600$, it matters that you pulled the trigger and bought it. It's as simple as that. In 2020 you'd wish you were able to buy bitcoin at that rate.
Of course if you're in for a short term proft you'd have to catch bounces and place buy orders on support levels but you're never sure the price will ever go that low again.

Quantex

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Quote from: Syke on October 10, 2017, 01:00:45 PM

Quote from: Fievel on September 13, 2017, 03:02:11 AM

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess.

And now you're up 6%. Lesson to learn: HODL.

This is nor for everyone, most of these guys are buying bitcoin is short term with loan money and that's why they panic and sell earlier than they are supposed to hold it.

Syke

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Quote from: Fievel on September 13, 2017, 03:02:11 AM

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess.

And now you're up 6%. Lesson to learn: HODL.

tenakha

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Quote from: panju1 on October 08, 2017, 05:43:15 AM

This user should just think of people who bought before the 2013 crash at $1200. Their market value went down by more than 80%, but if they had the stomach to wait it out for 4 years, then they would have got 4x profit. That is not bad at all, for somebody who bought at the peak.

Now same thing will happen to this guy if s/he can wait for 2 years.Price is expensive now compared to 2 years ago but this price level is nothing after 2 years Wink

aysg76

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Quote from: TrueCryptonaire on October 07, 2017, 11:04:53 PM

Relax buddy it will be just a little bit of time for bitcoin to reach back at this price, just be patient till then, and if you want to sell your coins then after breaking even you can do so.

Yeah, it has already reached the mark of 4500$ and is likely to increase even more. Well, I foresee it to be 5000$ till the end of this month. So, this will be relieving news and if everything settles in right place, you can even get huge profits but till then it only demands one's patience...

youngwebs

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Quote from: Siren on October 08, 2017, 12:07:32 AM

Quote from: TrueCryptonaire on October 07, 2017, 11:04:53 PM

Relax buddy it will be just a little bit of time for bitcoin to reach back at this price, just be patient till then, and if you want to sell your coins then after breaking even you can do so.

We are now close to $4500 and the OP may break even in a few days. And assuming the trend continues, its just a matter of week before he can see profit. So just like everyone else here told you, no need to panic buddy, Bitcoin is really a good investment and don't ever doubt it again. I suggest you don't sell, just hold and have trust because the next goal would be $5000 and then $6000 before the end of the year. So just hold and enjoy the hype train ride.

would be nice to see a reply from the OP to see if he really waited as suggested or that he chickened out earlier at the lower prices.. Huh

Topic: Bought my first BTC @ $4600, slightly worried - page 2. (Read 7868 times)