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

ethereumhunter

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Quote from: beamin on January 07, 2021, 08:59:35 PM

Good advice.
Today I saw my portfolio go from 5k$ to 4800$ at 9:00PM EST. I was thinking sell all out at 4500$ then buy back in with $2500 if it dips down low as I think this is a year to go long, but there are some things I need to buy in the mean time. So is $4500 a safe number in case it resets back down to 15k$ (Which I will buy back in and HODL)

I think you do not have to sell now because I think the dips will not come too deeper. It's a correction temporary that will always happen. I feel that the bitcoin price will increase back to the higher price so that you can sell it higher than the price you bought, and you can make a nice profit. I do not think that the price will reset and back down to $15k in short time, but the price will make another new ATH soon. But that is a suggestion, and for further info, you can search from the market to see what is the situations of bitcoin price.

imstillthebest

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what kind of disability do you have and how did you got your stimulus , do you have a work before , before you got disabled ? you can afford over 1 thousand dollars worth of investment and you call your self a poor , thats unbelievable and thats not a common quality have by a poor and im surprised that you still think btc is a bubble when you already invested on it , i didnt knew that there are still people on this age that questions the credibility of btc but go if you can afford to loose the amount , that is what important the most in investing or gambling

Lucius

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beamin, your problem, if we can call it that at all, is that you're obviously playing with the money you need for everyday life - and when it comes to cryptocurrencies, you're in a very slippery slope. No one can say what's smart at the moment, because the price is going up more than all expectations - $10 000 in less than a week is more than an obvious sign of a big bull run.

When you're speculating about $15k, you should know that this would mean more than 50% correction at the moment - and with such high demand, I don't see it as a realistic option in the near future.

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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.

If they all listened to you they all could made that profit of $374. Bitcoin went up very fast last days.

I didn't expect to see that $40k so soon.

beamin

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Quote from: Lucius on January 07, 2021, 09:23:35 AM

Quote from: beamin on January 06, 2021, 06:52:59 PM

Does that seem sound or is that a great way to lose money?

As some others have already written to you, you gamble with your money and no one can predict when lucky will leave you. If you’ve already made a pre-planned profit, it would be wise to stick to what you planned - but I know it’s not easy to resist the call of money that comes with rising BTC prices.

Quote from: beamin on January 06, 2021, 06:52:59 PM

Im trying to watch as many youtube videos as I can on it any channels that you could recommend? The ones from 2017 dont post anymore.

I’m not going to say that YT is a completely bad source of information, but the amount of spam and fake information is amazing, and few are those channels that really offer something valuable and legitimate. Even they can't predict what interests you the most, so it's not wise to rely on these so-called experts. I suggest you explore the forum a bit more, there are good discussions and tips - but you should take each one with a grain of salt, after all you have to make key decisions on your own.

Good advice.
Today I saw my portfolio go from 5k$ to 4800$ at 9:00PM EST. I was thinking sell all out at 4500$ then buy back in with $2500 if it dips down low as I think this is a year to go long, but there are some things I need to buy in the mean time. So is $4500 a safe number in case it resets back down to 15k$ (Which I will buy back in and HODL)

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Quote from: beamin on January 06, 2021, 06:52:59 PM

Does that seem sound or is that a great way to lose money?

As some others have already written to you, you gamble with your money and no one can predict when lucky will leave you. If you’ve already made a pre-planned profit, it would be wise to stick to what you planned - but I know it’s not easy to resist the call of money that comes with rising BTC prices.

Quote from: beamin on January 06, 2021, 06:52:59 PM

Im trying to watch as many youtube videos as I can on it any channels that you could recommend? The ones from 2017 dont post anymore.

I’m not going to say that YT is a completely bad source of information, but the amount of spam and fake information is amazing, and few are those channels that really offer something valuable and legitimate. Even they can't predict what interests you the most, so it's not wise to rely on these so-called experts. I suggest you explore the forum a bit more, there are good discussions and tips - but you should take each one with a grain of salt, after all you have to make key decisions on your own.

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It wasn't bad if I will say my opinion about the current market price of Bitcoin. Wayback before, I saw how drastically the market fall from 2017 ATH down to $3k somewhere in 2018 and 2019. With that experience, I often think that after the ATH we have, it will be followed by a huge pull back or what we know, market decline. That makes me persevere that it isn't the right time to buy now with the ATH at $38K if I assume that it will just decline down to a new dip. I want to make sure that I will be efficient that is why I still hodl a stable coin, and be ready for the big short that we are talking about. I am not inviting OP to do the same thing, but anyway, the profit in Bitcoin will rely on our hands as I anticipate that in the long run, ATH will always be higher compared to the previous ATH we have right now.

beamin

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Quote from: Hypnosis00 on January 06, 2021, 07:16:33 AM

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.

You'll be taking a high-risk mate if you are investing this time. Though BTC is a good coin to buy but seeing the market flow, I'm afraid if prices will dump right after you bought some. I suggest you to consider ETH this time as its price just started to heat up. You can probably catch the best price to hold and gain profit for it in a short period of time.

I have another 1000 in xmas money I'm willing to invest. BTC is going really strong but its price is very high at 36700$ today. Maybe I should put the 1000 into eth? Whats popular opinion? I noticed eth follow BTC price so I would be willing to pull out of both at the same time. I kind of already reached my goal but I dont see it slowing down so rather then having a set max price where I sell I plan on holding until it drops 2-3k in a short amount of time. Then if its a temporary correction and the price starts to rise again I can just buy back in. Does that seem sound or is that a great way to lose money? Im trying to watch as many youtube videos as I can on it any channels that you could recommend? The ones from 2017 dont post anymore.

Hypnosis00

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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.

You'll be taking a high-risk mate if you are investing this time. Though BTC is a good coin to buy but seeing the market flow, I'm afraid if prices will dump right after you bought some. I suggest you to consider ETH this time as its price just started to heat up. You can probably catch the best price to hold and gain profit for it in a short period of time.

Alucard1

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I am not really into a short-term investment for that huge amount of money, it is still good to buy bitcoin because of the continuous increase of bitcoin but for sure it would be more profitable if you will hold it for the long term. Just set your standard or set how much money you want to earn before pulling out, you should always have that kind of thinking before you invest so you would know if you are ready to pull out.

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

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.

I think it's a very risky gamble, but it's good that you can afford to lose it. Bitcoin keeps rising, and I think it's doing unbelievably well. Maybe it's just me always being cautious and remembering the 2018 fall very well, but I don't trust the bull run and am ready to see Bitcoin go down any day. Investing at ATH is always very risky, but if you're thinking of waiting for years to see how your investment goes anyway, it's probably not a bad idea to buy some BTC even at such a high price.
But as for me, I wouldn't do it and would keep the money in fiat for now.

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

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.

First, I think you don't need to gamble it, because if gambling, it may only depend on your luck without any deeper analysis and cosndieration.

Second, are you sure want to make all in the funds into it? If it is safe funds, in which it is not loan or your daily need funds, it doesn't matter. But if you loan it or use your important funds to invest, I think that you should not put them all, only put your first investment of $577.
I know that bigger profits will require a bigger risk. So just consider it carefully and never be panic and Fear of missing out (FOMO). However, if you are ready with all kinds of risks, you can put them all in. Just ask and consider yourself again.

Third, I personally also do the short holding, but I don't do it based on one month, one week, or others. I do it based on the higher rate that the price hits. For example, I buy it for $35, and when it has reached 10-20%, I will then sell it. And of course, I also monitor market movements to see what the next possibility is.

TimeTeller

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Quote from: BrewMaster on January 05, 2021, 01:08:20 PM

you didn't finish your title and from your comment it seems like you plan on reaching profit in a very short time as gamblers do. if that is the case then my answer is no because it is never a good idea to buy bitcoin and expect it to give you a lot of profit quickly. it has never ended well for anyone who has done something like this.
short term movements of bitcoin are as unpredictable as they are brutal. you can lose your mind over it.

If he is really adamant to invest in bitcoin even if the price is going up, just invest not all of your money.
Just allot a certain percentage. At least, if something goes sideways, you still have some of your money that you can use.
Because as no one can exactly give you the price of bitcoin, few days or few months from now, you are just merely hoping that it will increase its value.
And that I think is really a gamble especially if that amount of money is already a significant amount for you.

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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.

When it comes to price prediction then no one can really predict it and we are all having the same questions in mind on how far it would go.In terms into that profiting side then its up to you on how you gonna use it.
and since you had mentioned that you can afford it to lose then its your choice if you risk it up or would just tend to secure those bucks in fiat form but if you do let it sit again in bitcoin form then its up to you.
As long you do gain then that what mater most, if you do plan for short term trades then we cant tell if this is already the peak but for sure im seeing that theres a strong resistance in levels $34-35k price.
So presuming on short term aspect then i would really be waiting up for right entry point.

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In my opinion the bullrun will continue for some time i think we can even see bitcoin at 50k i almost bought back when the price was still 6000$ but it was not a money i could afford to lose so i pulled back and now i regret it but in your case i think you should go for it.

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you didn't finish your title and from your comment it seems like you plan on reaching profit in a very short time as gamblers do. if that is the case then my answer is no because it is never a good idea to buy bitcoin and expect it to give you a lot of profit quickly. it has never ended well for anyone who has done something like this.
short term movements of bitcoin are as unpredictable as they are brutal. you can lose your mind over it.

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Actually it is truly up to you if you will going to invest the gains you have recovered plus the stimulus check you have as a financial support and risk to invest it into Bitcoin. Well, if I would be ask with such amount, I will just take part of it first since it seems like it is the only amount you do have so better be safe to have some to be invested and some to stay on hand so if ever upon investing into Bitcoin and the price dumps for a while you won't get panic because you do still have some in your hand so you will just let the price rise again to have gains from the investment you have made. Just be mindful and observant on taking opportunities to enter at the right timing to grab the chance of taking profits and shortly you can have a handful of money from gains you can circulate on doing investment and pull outs until you can afford to input larger amount on investing with Bitcoin.

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You have to ask yourself if you need the money now. You said you're a poor and disabled person so you probably could use some money.

If you have all you need and the money would by lying in a drawer somewhere waiting for unexpected expenses you could invest it.

Bitcoin is going to continue in this bull market for now but watch out for a possible reversal like a fall below 20 thousand dollars.

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

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.

You and most of those who fell into a well-placed trap called “2017 repeats itself” and completely ignored two factors that didn’t exist at the time. The first is of course halving, and the second is the incredible interest of big investors who together make a winning combination - what kind of bubble are you talking about?

It seems that some have not learned anything even after 3 years, but everyone is the master of their money and as we can see some will invest it in BTC, others will buy food and medicine, others may save $600 under the mattress - and whose decision is best, time will tell.

Asuspawer09

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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.

We all know that when it comes to bitcoin especially in a long-term investment you can't really lose anything if you're not going to sell and would still end up making a good profit every time.

After a big jump in the market price of bitcoin up to 30k$ in the market it is already obvious gonna experience some correction but you could always invest your profit again in bitcoin if your willing to take the deep it is always worth it investing again.

Because of the limited supply and solid demand in a few years, we could easily expect a high market price and it is not even surprising if bitcoin reach 100k$ in a few years.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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 .

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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.

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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.

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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...

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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.

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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.

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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.

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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 (Read 398 times)