Topic: Do you still advised more buy and store? - page 8. (Read 2197 times)

What you are doing by doing DCA on Bitcoin is the right move. Because however at this time we are still in the accumulation zone. But with some of the bad things that are currently happening to some exchanges that have announced they will stop operating like for example Hotbit. It may have little impact on further bitcoin price declines. So I personally also think about preparing more money to buy more when the correction occurs again. I combine DCA and Average Down in my accumulation mode in bitcoins. This at least keeps me from losing the moment to buy when at any time Bitcoin experiences a sudden correction. Because with Average Down I have placed several entries at each support level which might be missed every time bitcoin experiences a correction. Sometimes Bitcoin corrections always take place quickly so preparing an entry buy early can prevent us from losing the moment.

But for Altcoins I don't buy too much. Mostly I only buy when the correction and sell when the price rises again. or it can be said that I only use Altcoins with strong fundamentals as a medium-term investment tool. As for altcoins that are hype. I just follow the trend with sentimental analysis of the market. And make it a quick trade. enter during the hype and exit during the peak of the hype.

You should think about yourself that in which situations you will be able to take profit. Sometimes profit depends on the interest of individuals that in which way he shoes his interests. First of all it is important to take care of your family so whenever you feel that now you have some extra amount which you don't have need to be use for the welfare of your family so that amount you can easily utilize for your investment purpose. I think everyone should have their own planning according to which he should take a step so by following this planning going towards success is not a hard task.

I also like DCA but not monthly like you, I buy whenever I have money to invest. But I'm not too bothered about the bitcoin price in the short term, especially during the bear season. I mean as long as its price stays below ATH, I will still buy without thinking.

As you said, what will you do if the bitcoin price crosses $30k next month? Will you stop buying? Because I think $30k is still a low price and profitable if your target is next bull season, or it will be $100k, as many are waiting.

Without a doubt I want to buy more and will continue in doing so. I actually do a monthly DCA on bitcoin and some altcoins and I already bought some for this month but it is indeed tempting to buy more for this month due to its current price which is still down and haven't recovered back to $30k. I think bitcoin is coming back to $30k next month.

By the way OP, you are in a trading board just in case you meant to hold long term. Anyways, if you are trader it's also good to buy especially bitcoin and then maybe sell it in the next upward swing, say $30k.

other people's suggestions are only as a reference and of course we determine the path we will take. many people are panicked by the issues that are circulating and in the end they regret that they are not confident about the analysis. therefore even though the market is down we have to look for areas to buy, it's the same as me until now I think if the price is still below $ 30k, then I will look for opportunities to invest, and placing orders in the support area will be my framework

Speaking of pump, Bitcoin is not like every other altcoin that gets pumped and dumped; Bitcoin is a seasonal coin that follows the trend of bear season and bull season, and that's because during the bear market there is much opportunity to buy low, and during the bull season, the person can sell and make profit if they only want to sell then.

There is this idealism I have that "if you wait so long, you will sell at your desired price." So probably, if one has the intention to sell their Bitcoin at $100k, if they wait patiently, they might see it at $100k one day.

DCA will always be the best option. Why bother to stop when you see and believe that there is great future of bitcoin especially that halving is fast approaching. Also, even if your income is just fixed, that won’t hinder you from storing more of bitcoin in your portfolio. They say if there’s a will, there’s a way. You only have to set your expenses stick to your budget, and as much as possible, even DCAing should also be in your budget list too.

I agree with this, even though we get input from other people about what to do, we still have to go back to doing the analysis and not swallow what other people say. The reason is usually if we do it without doing a re-analysis of regret there must be, yes that's what I feel and regret having listened to other people. When we do it ourselves, at least if it's wrong but it comes from ourselves not other people. And with that we can know what mistakes we have made and we can learn from there and can improve our analysis again.

Everyone invests according to their financial position, if you have half of it, there is nothing wrong with it. If you have already invested in Bitcoin and you can put some of your salary every month to invest more in Bitcoin then it will prove to be a very good idea for you, because you must have heard this proverb that a river is made from a drop. So keep trying to get Bitcoin bit by bit. You will also find people who have less than you.

As far as selling Bitcoin, in my opinion you should hold Bitcoin. The price is low right now. This is not a place to sell Bitcoin, but rather to try and buy more Bitcoin if you can afford them. There are chances of the price going down further if you find Bitcoin at a lower price then you must take Bitcoin and store it for future.

If you have the ability to afford to buy bitcoins every month and store them for the long term, this could be a good solution. However, it is worth considering the volatility of Bitcoin prices.
Buying and holding bitcoins has its own benefits. In the long run, the price of bitcoin can increase, allowing you to make a profit. However, it is worth remembering that bitcoin is a volatile asset and prices can fluctuate. It is important to be prepared for possible changes in price and have enough patience and confidence in your decision.
If you are hesitant due to your family responsibilities and not sure if you can allocate money to buy bitcoins every month, it might be worth re-evaluating your financial priorities. Be sure to discuss this plan with family members and make sure you are making an informed financial decision based on your situation.
In the end, deciding whether or not to hold bitcoins due to price volatility depends on your financial capacity, risk tolerance, and long-term goals. Be prudent, study the market and make decisions based on your personal circumstances and goals.

If we really have an interest in investing in crypto, we don't need to ask for advice anymore but have to make a decision on what we think is right for us. Because even if we say to OP that he should not waste this opportunity while the price is a little low, after all, it was still his decision to follow, not us.

- the good advice is to spend more time analyzing the market and make a decision based on what he understands, rather than relying on others to do it.

Do what your analysis says. It is critical time in the Bitcoin market so financial advise is at your own discretion. I will advise you study the market closely and draw your observation based on your own analysis. The market is very cruel at this point. If one say buy and the market starts dropping it might stair fear and doubt, But with your own analysis it will be much better to state the obvious on when to buy and when to sell and how long to hold.

If your family has any savings left after the monthly expenses, then of course you can invest in Bitcoin. But you must keep in mind that it does not affect your family's morals.Long term bitcoin investment gives good returns. If your investment has family risk then definitely avoid.  Since there are risks in cryptocurrencies, you must invest with a risk tolerance.  Since you have to run the household expenses, you start investing small amount.You can invest in any way, invest in the way that gives you good profit.Try holding Bitcoin for a few years without selling it.

Since you are interested in investing in Bitcoin, you should keep a close eye on the market. The company you work for may make it difficult to run your family expenses with the money. So here's what you'll do if you don't have the money to invest in Bitcoin in the first place. Keep a small amount of money saved from your monthly income from your salary. And later when the amount of money increases a little you will practice the bitcoin market when it is down. Later on you will invest in bitcoins according to the market but you will not be afraid of losing money in the future. And thus you can increase your source of income by investing in Bitcoin but you must acquire enough knowledge.

What i suggest as we do have the same situation as I've also need to feed my family and provide their needs , prioritize your needs and your family first and if you have extra that is the time you'll invest into bitcoin and hold it until few years because we don't know what is the price of it in the future lets just jump in to the train before we missed it. As long as you already provided that needs of your family then it is okay now to invest so never put your investment first before the family as you will sure caught off short in your budget

Investing must use money that is specially prepared for investment. This means that it is not the money that should be for our daily needs. And you are right that many invest hastily without thinking about the risks they are taking. And actually investing in Bitcoin will be much better for the long term. So that the money that is included in the investment really has to be money that is indeed very cold and ready if you have to lose.
So if we only have money for our daily needs, I would suggest prioritizing using money to buy our daily needs. if there is still leftover then we can use it for investment.

As you said you have other responsibilities in your family so I suggest to buy if you have an extra money.
You can buy and store it if you want the most important is use first your money to your family and if have extra buy Bitcoin little by little.

Your savings will depend on your household expenses. You didn't mention how much you get paid. If you have a strong desire to invest then I would suggest you to invest atleast $20-$50 per month. Also if you have already invested then you can hold on to this market volatility. Because now is the right time to invest. A lot of people are buying bitcoins and investing for a long time during this period. So, I would like to tell you that if you have money, invest it in Bitcoin for the long term rather than saving it elsewhere. As a result you will get 100x more profit than other savings at one time.

The step you have taken is really awesome, it is admirable to buy Bitcoin with some money from your job salary. as you need special money to meet various essential needs of your family. In that case it is very difficult to save and invest your money so keep saving some of your earnings. and gradually try to invest with that saved money when your amount of money goes to an investable position. You must invest from the market so that your money is not at risk later on. In that case you need to notice when the Bitcoin market goes down so you buy it and hold the Bitcoin as your asset for the future.

You have to do what benefits you because if you wait for a stable price period, I think you might miss the bus since you can agree with me that Bitcoin price is unstable due to some factors which makes for volatility.
Like others have advised, it's best if you start buying and storing with an amount you can easily afford to part with since at the end of the day, you'd be the one benefitting.