Topic: Would now be a time to buy if you had not already? (560 ish) (Read 2187 times)

Since late November sub $600 is a good price to get in. If btc goes to $5k or even $2k this year the nominal difference between entry at $400 and $600 won't matter one bit to the lucky holder. On the other hand, depending on your finances it could make a big difference in how much btc you buy.

bitcoinsrus,

If you haven't bought yet and are still waiting. Just keep open order 75 to 100 dollars below the spot price on an exchange. With all these flash crashes and quick rises recently this may be a profitable low risk short term strategy.

I would buy a few and top up over time to smooth out the timing risk

Fundamentally though not a bad entry level

Cheers!

Martin Pring

Technical Analysis Explained

I would also wait for a month or two until the price has settled. The current volatility implies that the correction is still ongoing and we may visit new lows or at least sub $500. Just be patient and don't let your emotions take over if you see big movements in price over the next couple of weeks, whether higher or lower.

In your place I would wait for a couple more days. I expect we will at least go in 400s over the weekend.

Matt: this TA 101 textbook you keep referring to. An actual book, or a figure of speech? If it's the former, which book are you using?

actually we are stil in the downtrend. i think that some people are not sure if 400 was the bottom and they will test the resistance at 540-550$. if there are no shocking news coming i guess there is enough resistance and after that we will see if we can break the downtrend.

so you can stil wait a bit if you are unsure if now is the time to buy.

its an extremely good time to buy. sure you can risk trying to get it 100-200 cheaper, if that happens. Though it really is reaching its bottom pressure points-- consider the INSANE amount of volume from china that has poured in since October (http://bitcoincharts.com and select option to view in currency, you can see the volume is literally 20x higher than it pre-October). So 20x the volume (at least), and only 3-4x higher in price since then? Sounds like a pot ready to blow its lid off, its only a matter of time now.

So you can risk waiting, but you could risk missing another move like the one we saw in Oct-Nov.


I would also add, that some Chinese were aware of bitcoin which caused the price to boom in Oct-Nov. But every day that passes more and more and more of them are discovering it. AND THEY HAVE MONEY TO INVEST!

There are hundreds of billions (if not $1T+) in China looking for a good investment. The age of digital currency is here.



edit: if I had the trading tools I have for stock investing, I would imagine bitcoin (and digital currency) is certainly in a squeeze right now (as determined by extremely high volume, but tame price), suggesting it is ready to fire off. The longer it stays in the squeeze, the more powerful the move will be. Then ofcourse theres the issue of which direction it will fire off, and as I plan on holding my coins, the long term trend is VERY, VERY much a powerful uptrend, and this squeeze is becoming a long-term ordeal, thereby, the direction of the squeeze fire is very likely to the upside when it happens. (it could also just gently release to the upside(by gently I mean it could casually float to $1000+ over a few weeks or months), but I find that unlikely with the very high volume and minute price moves (its more likely to MASSIVELY MOVE sooner or later)

And I betted on that prediction. I betted on it heavily with everything I had.

60 BTC at $391.34. $9 dollars short. $11.34 higher than my 'prediction', in order that I wouldn't place my bacon too low and miss out on 'winning the steak', as I describe in my dream post in that link. Next time I have a strong hunch of a bottom, I shall be sure to buy in staggered tranches I think.

Complete FKN idiot! (me, not u).


My feeling at the moment is that right now there is not a hope in hell will we see a lower low anytime soon. A strong retracement confirming the bottom? Most certainly. Probably lower $500s, possibly higher $400s. But I shall express strongly that I am not totally certain on this, but is certainly the scenario that any TA 101 text book says should play out.

matt on your other post https://bitcointalksearch.org/topic/i-had-another-bitcoin-speculation-dream-465422
you said it would go to 380 and you were very close 400
if you think it will go down more, history tends to repeat itself.
great prediction

bitcoinsrus came rushing in here when Bitcoin was $820 asking for Bitcoin buying advice.

Guess what the majority told/commanded him to do?

Not me of course, I was amongst the few who told him to wait, cos this sucker is going down.

Now that we are in shall we say much agreeable 'buying' territory, I still tell to him wait cos we have just had an 85% retracement and even if the 610 roof is popped, the strong likelihood is that we will visit sub $400 once again.........all previous Bitcoin bottoms have flirted with the absolute bottom on at least occasions as is the case with just about any bear market reversal you could care to name, so unless 'it is different this time'.........

Im going to miss the gox jokes on the btce troll box. Almost tearin up a little,  its the end of an era, a horrible era full of goxxing, but an era nonetheless. 

Yes now is a good time to buy.

I am quite confident that we will see several downturns at least until the end of April.

Put a few orders in at around $400 and you will see them filled within a short period of time. Spend your mind on other things than speculating on the constant ups and downs of the marked, it is not healthy.

You can always buy a little right away if you still haven't, just to get used to the system, but hold of a little on the major buy-in

I counted 3 waves from 400 stamp bottom to 610, corrective abc to 560, so 630-650, 5th wave?  Maybe truncated to 625-630ish,  but then you are going to retrace at least 38% of that 230+ move, say 580 on the C wave, or 50% ABC retracement down to 500ish on C. Buying 5th waves was never my thing, but it might be ok.  Shorting 5th has always worked, just like entering long on 3rd

Long term buy in, Not now, we need the dust to settle. We have been in a bearmarket since December, and it's accelerating.

When Bitcoin flat lines for 2 months, and the media attention dies off, that's when you buy big!!!

Don't be a sucker, These swings in the hundreds are death cramps...

Still not bought OP ? You obviously have no trust in bitcoins future.

Look through as much bear market trend reversal chart histories as you can find. Try and find one that crashed brutally, then had an 85%-90% recovery, and then didn't go on to test the bottom in order to confirm uptrend.

When you have found yourself some historical examples, including those you can easily view in the Bitcoin chart history itself, you can then decide whether $560 is a good long position at this point in time.

Always a gamble, but you can help tilt the odds in your favour by narrowing down what the probability of certain events playing out are.

Hint: Far more likely than not that you will get much lower buy-in opportunity than $560.....would be nothing out of the ordinary for Bitcoin to dip back into upper $400's.