I've taken my small USD hedge and pumped it back into Bitcoin. My stop-loss sold off at $9777 and I've bought back in at $10300, taking yet another silly (if not small) loss.
$10k is a big metal barrier for traders. While I still think it's totally possible that Bitcoin crashes to $7500, I realize now that this is only a 25% loss. In my mind, bitcoin has a lower bound cap at $7500, but when I try to visualize its upper bound I'm coming up short. I suppose my guess on that front would be $60k.
So, to recap, if Bitcoin is trading at 10k and I think its lower bound is 7.5k and its upper bound is 60k, it would be quite foolish to stay out of the market at this point.
Even if traditionally Autumn is a slow time for crypto, we are not exactly in traditional times. My non-conspiracy-theorist, non-anarchist, non-libertarian, totally-mainstream girlfriend pointed me to an article the other day about inverted yield bond curves and how the economy is fucked. We've all been saying stuff like this for six months or more, but now everyone else is starting to wake up to all the signs that a devastating financial collapse is right around the corner. Soon™
While some people want to speculate that this would be bad for Bitcoin, I'm on the far end of the other spectrum. Bitcoin has never existed during a recession, and it's entire purpose is to act as a hedge against the fully centralized economy. How could it possibly perform poorly during the next recession? That's exactly what it's there for.
While I'd rather be investing in other projects, Bitcoin has proved to be the gateway drug of DLT. At this point I'd rather use Bitcoin as my hedge (rather than USD) and figure out what to do with it after the fact.
Tread Carefully.
There are sharks in the water.
Agreed
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Fully agree, I also moved some € into BTC :)
Tama and your right
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Physical gold isn't a bad side investment as well.
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Each month I am putting in regardless of the price. Long-term it is better to be in than out and as I said recently and might write a post based on it, it is like being in a goldrush and waiting to buy from a jewellery store.
I was reading an article the other day talking about the Forex markets and trade and all that shit...and I was surprised because being in crypto now I could see right through their bullshit and realize they were basically just losing their shit. Like when crypto crashes and we all run around like chickens with their heads cut off trying to figure out why. But, as you said, we've been talking about this for a while, so I didn't need to explain it away because of one thing. I saw the writing on the wall.
I still feel like I need to study economics and understand all this more...but reading articles every day about all this stuff has given me a grasp I didn't realize.
As to Bitcoin and investing...I am hesitant to give advice to people I don't know.
I told my dad to buy Bitcoin rather than a car when it was near the previous bottom. He didn't need another car. He already has one. He just has an obsession with them. With the price of the used car and how much he paid for repairs he could have bought two bitcoins. But lets say he bought 1. Then he sold it for $10k. Now he'd have $10k, rather than another shitty car, and he could pay for the car twice over. He actually could have paid for 4 of them at the price he paid, he'd just also have to do repairs, so that's more.
I don't wanna suggest that people buy bitcoin in large amounts...but if they're gonna buy something they don't need, maybe they should just consider not doing that, and maybe buying a crypto of their choice, after research. If they wanna buy more than that, that's fully up to them. But, even just spending some money they were gonna pretty much throw away on a few bitcoin, or other crypto, if that's what they're into, that's not a bad idea.
I wish I had bought bitcoin when it was still new and I REALLY wanted to get some. But I listened to dumbasses who said it was just a waste of money. I'd be a millionaire now. Just from buying a few Bitcoin for a few bucks I instead spent on stuff I don't even remember buying.
I just wish I had bought more when it was $200!!
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The market is unpredictable. Bitcoin can still crash down so low and can still rise. Who knows, market is a risk
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This market has very little fundamentals and that's why TA works so well in Crypto. And right now, TA seems to be saying "wait for $8500 to start thinking about buying some more."
Well, I have left a few bids around that value, just in case TA gets it right again. It has been right more than wrong...
We are inside a shark tank.
Keep trading and have fun with BTC!
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I want a shark steak ;]
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Also, if you miss the top 10 percentage moves on any given day, you may lose the opportunity of more than half its potential long term gains!
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Moving assets isn't necessarily exiting the market, it's being safe. I think there is still a lot of potential in the market, it's just time to change your strategy. I won't exit the market until I'm unable to trade.
@edicted, Game Of Speculation is high but experience always stay untouched. Stay blessed.
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