Have my 600$ stimulus check, good time to buy btc? I plan to hold for the short - page 2.

passwordnow

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Quote from: beamin on January 04, 2021, 06:43:33 PM

Should I buy right now? What would you do if you were me

I would love to use that stimulus money to buy bitcoin. I can imagine myself having a free money which will be distributed to bitcoin. That's hefty of free money that I have then.

Quote from: beamin on January 04, 2021, 06:43:33 PM

the $1100 is money I can afford to lose but willing to gamble it.

You've got no reasons to stop. Follow what you think is right. Most of the us here are in the longer term that you're thinking.

Kakmakr

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Looking back at what happened in December 2017... there was a slump...just after the ATH was reached and it lasted 3 years for it to recover. That said.... the slump was due to the "banning" of all Crypto currencies advertisements in large social media platforms and the collapse of the ICO Boom.

This Boom is related to the whole PayPal hype and institutional investors starting to invest in Bitcoin.... the big questions is... "Will this last, or will there be something similar to the "Banning" that would trigger a dump?

Can you afford to wait for 3 more years if this happens?.... you said you are poor. Huh

mich

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Quote from: beamin on January 04, 2021, 06:43:33 PM

So quick back story I'm poor/disabled and trying to make a few extra dollars since I'm out of work. I made a $h|tload back in 2017 but that wasnt so much skill but beginners luck and the bull market but I made a lot of day trades and more then just letting the money sit. Recently I found my trezor that I presumed lost and I bought BTC when it was at 18k recently in Dec and watched it grow, I took some profit: $577@ 29k because I thought it was a bubble but now I want to reinvest that $577+$600 stimulus check and keep it in the market for at least a month if this bull trend continues. I feel though like this might be the top right now.

I wish I could make a poll to see what the majority of people on this site are doing. Should I buy right now? What would you do if you were me, the $1100 is money I can afford to lose but willing to gamble it.

If people are buying bitcoin and planning to sell it in a month until the bull trend continues then you might be in a for a unpleasant reality.
If someone is 'poor" and expecting to earn profits in 1 month cause of the Bull run then it might not end up good for you. Save your money and dont rely on bitcoin market for fast profits.

Bitstar_coin

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Quote from: error08 on January 04, 2021, 06:55:39 PM

It doesn't matter whether a week or a month but you have to specify your target, how much percentage gain you are aiming for? or at what price you would sell it, $40k, $50k or $100k? After determining your target, calculate the probability of bitcoin to achieve it and the time frame to get there.
Or else, it doesn't matter how much it will rise ~~or fall~~, you will sell after a month?
$1,100 worth 0.03437 at $32k (current price) and if you sell at $40k = $374 profit.

i think the target don't matter as much as the probability of reaching this target, between the op already mentioned he is looking towards letting it ride till a month but what will happen within that month is unknown, now it looks like btc is taking a rest but will it continue the uptrend to $40k now or later no one can tell,
i would say reinvesting back is a could idea but having a month time frame can be trickish in the sense that btc price could up or down, but in a long term it is good.

vintages

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It's not about following the what others are doing, sometimes following the crowd might not work for you: So do you.
Since you said the morning is what you can afford to lose, then I will say go for it. But again, I will say you should just let it sit longer than you intend to even if the bull trend stops, it will start again, then it will be your gain.

Also, consider other means you can earn income to survive if your money is cooling off in Bitcoin.

dre1982

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This is a hard one. Bitcoin raised very fast the last time so I expect a correction. So personally I would wait before investing it into Bitcon.

But it's hard to predict. It could also be possible that it will go straight to the $50k and stays there.

irixo10

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Since you are considering short term, then I think it is not wise getting into it now as the price is very high but if it is in the case of long term, then you can wait for price correction and then make a move. Bitcoin is a coin that goes with a lot of patience and investing what you can afford because by doing so, you will hardly be troubled with the bear market, but investing everything you have now while expecting a good gain within a short time is really a tough one. Also, since you said, you can afford to lose then you can relax, wait for correction and buy and if it doesn't go as planned, then you hold on to it.

NeuroticFish

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Quote from: beamin on January 04, 2021, 06:43:33 PM

Should I buy right now? What would you do if you were me, the $1100 is money I can afford to lose but willing to gamble it.

First rule: never invest what you don't afford to lose. This seems to be fine for you.
Second rule: never invest based on advises from strangers over the Internet. So.. please be careful, okay?

This being said, it still depends on you. Buying is not a bad option, but only if you think it like: if it plays out to be on profit after , you can sell if you want, but be also ready to hold for longer if it falls too much during the .

20kevin20

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If the short term is what you're looking at, then if I were you I would not put my money into BTC. It's likely going to be very wildly changing fot at least one year.

You will probably not lose that $1.1k, but since you think about it that way.. why not just invest it in BTC for the long term and "forget" about it, or consider it a loss? Leave it in your wallet for the long term, because it will most likely pay off.

That's what I'd personally do. Long term has always paid off very well. The best thing you can do is follow your brain, not your emotions.

Lorence.xD

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Quote from: so98nn on January 04, 2021, 11:45:39 PM

One thing you should note is your funds which were given for your bad times will be locked out into the storm of bitcoin's up and down market. You better think many times before you can invest your money into it. I think if you lock these funds then you should set your target prices and to be firm when to withdraw your money. Moreover you it would be very risky bet in your downtime (idk your actual status) but consider it the same way. BTC is surely hitting another level of market cap currently so there is high chance it will go up only. Since few days it has resisted a lot and is the time investors will take it further the current rate. So you have pretty good chance that it will move in the further direction only.

I think that OP knows fully that it can happen but if it is otherwise then OP might be doomed to sell it at a loss, hopefully OP still has the money to purchase daily needs that the stimulus should've provided. I would advise OP to invest on the long term because prices are currently climbing and a short time is not that prosperous as back when the prices were around 10k.

pooya87

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Quote from: beamin on January 04, 2021, 06:43:33 PM

the $1100 is money I can afford to lose

That's the only important part.
Start buying bitcoin, in fact you should have done it already when there was a correction yesterday and the price went as low as $27,700 specially since you claimed you have traded before and made profit that means you should be always looking for these types of opportunity to jump in when there is a nice dip. Price is alraedy $4000 higher from the bottom of that dip today...

so98nn

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One thing you should note is your funds which were given for your bad times will be locked out into the storm of bitcoin's up and down market. You better think many times before you can invest your money into it. I think if you lock these funds then you should set your target prices and to be firm when to withdraw your money. Moreover you it would be very risky bet in your downtime (idk your actual status) but consider it the same way. BTC is surely hitting another level of market cap currently so there is high chance it will go up only. Since few days it has resisted a lot and is the time investors will take it further the current rate. So you have pretty good chance that it will move in the further direction only.

mk4

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Quote from: beamin on January 04, 2021, 06:43:33 PM

good time to buy btc? I plan to hold for the short

I really almost never recommend buying bitcoin for short term holding. But if you're completely aware that it's pretty much a gamble and want to go for it anyway? Go ahead. I'm not really sure why you would want to gamble if you're out of work though; that's one way to potentially lose more money. You'd think you'd might want to spend your money in a wise manner? Like you know, basic needs? or keep the $600 as extra money for emergencies?

beamin

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So I bought in at 32k I now own 0.1008 BTC Now I just need to hold on and not panic sell which I did back in 2017 because I was constantly checking the price.

Should I put a stop limit in at 30k or any type of stop limit at all? Does everyone set up stop limits as a rule of thumb as sort of an insurance policy? What are the risks of doing so?

I wish you could put in a stop limit order but then place a automatic buy back in order if the price recovers incase its just a temporary dip in price. Worst case would be to put in a stop limit the price goes down it executes then rebounds a few hours later and the price goes way up. Is there a way to protect yourself from this, short of watching the price 24/7? I always worry about this happening while im sleeping.

btc_angela

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Hard to give financial advises regarding your $600 stimulus package.

But the $1,200 package that was given before, if you have invested it on bitcoin, it's worth more than $4,000 now.

https://twitter.com/bitcoinstimulus/status/1340699387526320130

So it's really your call, the exponential growth might slow down a bit for BTC as we are approaching levels we haven't seen.

sheenshane

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Quote from: beamin on January 04, 2021, 06:43:33 PM

Should I buy right now? What would you do if you were me, the $1100 is money I can afford to lose but willing to gamble it.

If I were you, yes, I will surely buy right now while Bitcoin was having a small correction and this is a good opportunity to grab while Bitcoin experienced a correction and later on it will resist and you will have profit surely. Good thing that you have that amount willing to gamble and wait for the perfect time because Bitcoin investment isn't a short period of time of investment.

Take it down in your note how much the price of Bitcoin when you have bought and calculate profit when Bitcoin grows. You can target the desired amount that you want and wait for a perfect time for it. Bitcoin price move quickly in the market, even just an hour Bitcoin can move pump or dump, but now, as I can see, the market cap of Bitcoin was so good and we are still at a level of a healthier market.

error08

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It doesn't matter whether a week or a month but you have to specify your target, how much percentage gain you are aiming for? or at what price you would sell it, $40k, $50k or $100k? After determining your target, calculate the probability of bitcoin to achieve it and the time frame to get there.
Or else, it doesn't matter how much it will rise ~~or fall~~, you will sell after a month?
$1,100 worth 0.03437 at $32k (current price) and if you sell at $40k = $374 profit.

beamin

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So quick back story I'm poor/disabled and trying to make a few extra dollars since I'm out of work. I made a $h|tload back in 2017 but that wasnt so much skill but beginners luck and the bull market but I made a lot of day trades and more then just letting the money sit. Recently I found my trezor that I presumed lost and I bought BTC when it was at 18k recently in Dec and watched it grow, I took some profit: $577@ 29k because I thought it was a bubble but now I want to reinvest that $577+$600 stimulus check and keep it in the market for at least a month if this bull trend continues. I feel though like this might be the top right now.

I wish I could make a poll to see what the majority of people on this site are doing. Should I buy right now? What would you do if you were me, the $1100 is money I can afford to lose but willing to gamble it.

Topic: Have my 600$ stimulus check, good time to buy btc? I plan to hold for the short - page 2. (Read 395 times)