Topic: What the Effing Hell is Going On!?!?! - page 5. (Read 1589 times)

I am not entirely sure if the scary part is OP buying from 13.600 or it is bitcoin going down as a whole. I mean there are two options here, if you buy from 13600 and sad about the fact that you could have bought a lot cheaper than you are totally right and I wish you did that because buying cheaper would have been the smarter move but we never know when it will go down or will go up so we buy whenever we feel like the best time.

However, if OP is afraid that he bought from 13600 and the price went down which could potentially mean he is not going to profit then he can be at ease because bitcoin just had a correction and the price could go back to 13600 to help him profit in the future, that is still possible right now. So, yes you should have bought for cheaper but you will profit nevertheless in the future.

That's just fucking great advice. People who took it in the past ended up meeting their goals when bitcoin was sub $1000, or even sub $100. How do you think they feel now?
Fuck price goals, let bitcoin going mainstream be the goal.

Hey Pipdips looks like you are paying for your education. That's great: feeling the market is the best way to learn, watching videos is only 10% of the job.

Anyway here's something for your consideration:

If you are buying to HODL for a long term, like at least 5 years, then buy the BTC, store in your wallet not on exchange, and don't even look at it for the next 5 years, even if it goes down to $1000. Sell only if it goes too high to reach your goal. You do need a goal. You must have a goal. If you do not have a goal, you must set a goal. If you think 3 times is enough stressing on the importance of setting a goal so you know at what price to sell, then good. If not, re-read until it is enough time for you to understand that if you do not have a goal you will not know when to sell. Say your goal is to buy a $200k car because you deserve it. Divide $200k by the number of BTCs you have, that is your target price. When it gets there: sell regardless of where BTC is heading next. Do not use your lunch money, your mortgage money or your kids college fund money. Use money you can absolutely forego. You can also flatten your risk by buying into the market at regular intervals. The 5 years count start from the date of last purchase. You do not need training for this strategy, you are counting on Time to heal the mistakes.

If you are buying to sell and make a profit: this is called day trading and it is a full time job and you are learning the ropes the wrong way and you will hit the wall and go bankrupt very easy without the proper training. On the positive side, a proper training in day trading will help you trade the stock market and will help you with professional poker and roulette playing: these are all interlinked techniques that rely on probability and large numbers. Do not start day trading until you have read minimum 3 books and watched 100 hours of high quality videos on the subject. You will learn that you will have a bankroll account which you may not touch for any reason and you will learn that you can cash in the profits past the bankroll account. You will also learn that crypto is another way to delay paying taxes: you can sell cryptos for a loss when you have a good year at work, and vice versa. Daytrading is not only technical know-how it is also psychological training, it is a very enriching experience in all senses.

Sellers dumping in a gamble to gain more bitcoin in a bigger dump are going to get their asses handed to them I think. Instead of some free bitcoin, they will end up with a bitcoin  loss as they are forced to chase the bull.
Stupid, greedy cocksucks. The halving is in front of us not behind us, coins are going to be way more expensive next year and everyone with a brain knows it.

Well heres my take and the market doesnt have to agree but its how I gauge the move and its strength.   We are positive medium term but could top out at these prices and keep a more sideways stance for the moment



White trend is our growth over the last few months.   Yellow line is the 8 day average and blue line is 2 day, just measure of momentum.    Its quite possible even while the market remains fairly positive, we do need more time to get past the recent highs and collect more buyer into another move higher.  
    Its just my view and I wait to see if the tide stops here or my feet get wet

when today's daily candle closes (2.5 hours away) it may give us some insight into whether this correction will go deeper.

if the market can manage to hold above ~$10.6k, it'll be a dragonfly doji (bullish reversal candle) with the shadow wicking below the 20dma. plunging below support and instantly recovering back above is a sign of a bottom. looks really nice at the moment, but that can change:

Never buy when its making new highs.......why? Because its very likely it will come back down and retest that high, so even if Bitcoin went up to $16k or $20k, it would have likely come back down to $13.6. Buy when Bitcoins down, such as these prices today, because these may be the las t time we see Bitcoin at these prices in this bull market.

To give you positivity and regain back to confidence, "No..it's not a foolish move".

Why? What if the other way around happens? Do you think some people can still say that it's a bad move? Who knows what will happen in the future? Believed me, only a few people anticipate that such dip will happen in a while because of the strong momentum that the price has shown when breaching $ 11,000, $ 12,000, $13,000 mark. .Yes, it's cautious to make an entry while the price is increasing, it's just that the momentum of the price increase didn't push too much.

What to do?

a) HODL since looking at 24H price movement, around $10,000 price level shows impressive support. What does this mean? If it were maintained, for let's say, a few days, it means we can fairly say "for now" that this price level is the bottom of this dip and a good time to make an entry. Of course, you should look at other factors to support HODL activity.

b) Minimize the loss and move on. I really don't recommend this.

We have lots of reasons to believe "technically" and not just a pure hype that price will soon be breached the entry point you did which $13,600.

Buying into a parabolic move is always dangerous. You can't have 10-20% green days without expecting some red days like that too. That's the cost of FOMO. Sometimes it works out, other times it's devastating.

It's always better to buy the dip during a strong uptrend instead. There's much less risk involved and the psychology of holding is easier.

I made money from the whole ordeal and I am still disenfranchised. I was trading really well until this mini parabolic pattern.

Bitcoin was up to $13000
I bought at $13600 (from CoinBase)
I viewed this weird free Bitcoin giveaway by Winklevoss it was like Bitcoin crack and I did not get in on it.
Logged out for the day
Woke up to check the price
It was down $2-3K!
Look at the news, the big news that day was compromised CoinBase accounts.

I was never the same after that! It was like a cascade of bad chess moves.

Look at fees vs. the potential gains. From bottom to top in June, Bitcoin rose almost 90%! Who cares about a 0.0005 BTC to withdraw from Binance in that context?

If I were you, I would transfer less though. I keep coins at Coinbase, Binance, and personal wallets all at once. No need to transfer back and forth all the time until I'm literally cashing out to my bank account.

You're in the US right? No taxes on losses. In fact, you can deduct up to $3K losses to offset other income. If you trade as a business (self-employed) then you can deduct all your losses when calculating net business income.


You don't need BNB. They just incentivize you to hold it for the trading discounts.


Take a break from trading and escape those emotions for a while. It'll do you good.

In my last run of things here, it is like Bitcoin is a bad investment. Even in a bull run you can lose. Why? Fees. And obviously all these mistakes I have made. The ups and downs and no rhyme and no real reason. It was like the perfect storm of mistakes with fees tacked onto everything.

Do you want to withdrawal from Binance? Pay fees.
Want to deposit into Binance? Pay fees again.
Send to Ledger wallet? Fees.
Send out of Ledger wallet? More fees.
Buy at Coinbase? Big fees.
Send out of Coinbase? Fees.
Sell at a loss at Coinbase. Fees. Taxes on losses? Who knows.
Convert from BTC to stable coin at Binance? You need to buy BNB. That costs more fees.

It is not looking like a great investment module at the moment.

I converted more of BTC to USDC at $10,000 when it was sinking like a stone. Now it is at $10,444. It is just loss after loss with fees fees fees..... and more fees. These wallets and these exchanges do not even always make it easy or transparent with the fees they take... it is like, Surprise, you just pay fees for sending your coin around. What really bugs me is the fees seems unnecessary. It seems like Bitcoin should be traded and transferred for FREE...

I really need to take a break with this. Every time I sell the price goes up. When I buy price goes down. I am way behind every curve.

No one knows.If you do able to read up this time and on the current market price it did went down below 10k sub price.

The reason? as I said earlier which no one really knows.Regretting is unavoidable yet this is always been part of the risk on investing to cryptos
which price volatility would always be your prime enemy.

It had no effect on spot prices though. The CBOE contracts were just an isolated derivative market, gamblers matching bets with other gamblers for cash. I don't see a problem with that. People should be able to trade whatever they want.

Bitfinex seems like it should bother you more. It allows people to short BTC on the spot market using fiat collateral.

Short liquidations? Pretty sure those are long liquidations as a liquidated long closes out usually at or near market price. Still agree with everything else though, usually you get large amounts of liquidations on larger market movements as various positions get liquidated and wild wicks can happen.

Old news, but more importantly, very good news because CBOE no more listing fake Bitcoin futures means that people can't short Bitcoin without owning any coins themselves.

Liquidated shorts, which isn't anything surprising with how the price went up to levels people wouldn't be able to guess beforehand. Bitmex has had hundreds of millions of short liquidations before. It's not an unusual occurrence.

Good you mentioned, so we know you very new in here and with BTC, one of the first rules when you are buying in these stages, don't only be price driven and learn more about bitcoin, this forum is full of good stuff, good advices etc

Just learn and meanwhile keep buying BTC every week or month for the same amount of FIAT whitout watching the price.... HODL what you bought and think long-term,  while learning the long term perspective....  the just think long-term will be switched into an obsession of BTC, where you will find the struggle to just try increasing stash as fast as possible ---> here you will become a coiner, as you will try to use BTC for more daily stuff etc, you will experiment with it and thats how it has to be

Embrace BTC

I say this with the best will in the world, but perhaps trading crypto isn't for you. A correction was pretty much inevitable after such a rapid price increase. Despite this, you overextended and put in more than you could afford to lose, saying that you "needed the money" back. Despite the inevitable correction, when it came you panicked and sold at a loss.

There was a period of 6 months where the price was $3-$4k. That was the time to buy, not after a parabolic run up to $13k. You bought at the worst time, and then immediately sold at a loss when the run didn't continue. I'm not trying to be cruel, but trading might not be for you, and if it is, I would suggest you spend a lot more time learning about it first with much smaller amounts of money. If at any point you are "shaking" when thinking about your money, you have put in way too much.

It surely does matter, but people however don't think it does because they are busy being upset about how they bought the top and 'lose' money now the price goes down. It blinds them in such a way that they are losing out unnecessarily.

Buying at the top and seeing the price tank afterwards is something I would see as an opportunity. It allows me to lower my average buying price by buying the dip so that I reach my break-even point much sooner.

In my opinion the market as a whole is still bullish, but people need to understand that corrections and consolidation phases are common in every market. What did people think, that the price would reach $20k next week?

This here^^  I think it is going to be a violent drop.