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RE: Take a Big Hit Yesterday in the Markets? Me Too! Then I Got it Back. Here's Your Opportunity to Also... Do What I Do - Spreadcoin SPR

in #bitcoin7 years ago

I think it really depends on how deep you're in. I can't tell you what YOU should do. I will say this though. Haejin's charts are very accurate. They are posted above. If you really will be painfully hurt by pulling out now, then I would make a decision to play the long position, and forget out about for a few days. Why? Because the next few days are probably going to be rough until it comes back around. Personally, I would sell, wait for the new low to reach, then get back in, but I watch the markets constantly and I know many people do not. The key to buying into dips is to hold it until the dip turns into profit. It will happen, but the timing rides heavily with what bitcoin does. It could rebound by next week, but if bitcoin turns before then, it will likely have to wait for the first bitcoin bounce back up to regain price.

Anytime you're working with a volatile coin for quick turns, you really must have a stop loss built in to protect your money. Just remember, if you take the long position, there's a damn good chance prices will return to before the fall, which would pay off handsomely.