They say you should never catch a falling knife. Probably something to do with the physics of an object in motion tends to stay in motion. And it can hurt when it keeps falling after you've caught it.
I'm no technical analyst, but I bet those who are would say that this pattern over the past month looks like the price would breakdown (regardless of anything Jamie Dimon said or the Chinese government banned):
So . . . should you catch a falling knife?
It's up to you and your tolerance for joyrides, of course. I always dollar cost average, however; whether it's stacking bitcoin, silver or gold. That way, I avoid the adrenalin rush of either the euphoric bubbly action or the terrifying receding ones.
Over the past 6 or 7 years, you've never gone wrong buying the dips, even the falling knife sorts, but that was when bitcoin was almost entirely obscure and only the Keiser Report was covering the new asset class. Now everyone and their mother is covering it in the financial news space and hedgies and bankers (except Jamie Dimon) are pumping it.
Enjoy the ride! So do what it takes to bring yourself that stacking joy - ie edge of your seat day trading or calm, cool, collected dollar cost averaging. To each his/her own.
[Signed, Stacy]
It seems history repeats itself.
November 29, 2013. Bitcoin price was worth nearly as much as an ounce of gold according to CNN, which is $1242.
December 5, 2013. Authorities in China issued warnings and restrictions.
December 15, 2013. Bitcoin price was $839.93.
So I think Bitcoin will survive.
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That is the exact time I got out and now I've come back to the same situation in 2017 and I don't think I'll be exiting so soon this time around.
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Hodl :-)
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Frankly i think Bitcoin isnt going anyware. Its here to stay. FOREVER. If bitcoin had to disappear so would all other cryptocurrencies since bitcoin was the pioneer of blockchain technology. We know that the price varies constantly. Its the norm, so why would an investor be afraid to invest now when its on a bit of a low. Now would actually be the best time to buy more bitcoin. Thats what im doing anyway. I also think China are deliberately manipulating the market with their anouncements. It seems that evey time the price goes up a little too high for their liking, they make an anouncement like this which drops the price drastically again. Thats my opinion anyway. The beauty of bitcoin is that the price will go up again eventually, no matter what the Chinese say or do.
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It will be here as long as the internet is around.
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I follow a dollar cost averaging strategy with an indexing + millionth of supply twist to invest in crypto and sleep like a baby at the same time. Timing these volatile markets is not for the faint of heart, most people just lose their money doing it.
Check it out:
https://steemit.com/bitcoin/@cryptoeagle/what-percentage-should-you-invest-in-each-cryptocurrency-to-become-a-multi-millionaire-a-winning-index-strategy-updated-9-1-2017
regards,
CryptoEagle
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Scared money don't make no money...Keep on Stackin :)
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The better strategy is to go for lower market cap coins that have been panic sold above the rate of BTC. Great deal of coins have lost value for no fundamental reason other than BTC is falling.
Look at NEO, BAT, Monaco, TenX, Bytom or even something like Dash which is pretty much the answer to all the problems of BTC. Even ETH has nothing to do with BTC.
In technology pioneers always die before the newcomers. Netscape, Internet Explorer, Nokia, Yahoo! Myspace........Bitcoin.
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excellent reply but some were absorbed
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You should read this:https://steemit.com/bitcoin/@haejin/bitcoin-great-tas-think-alike
I'm a fundamentals guy. But I totally agree with this TA. It just match with the fundamentals. The era of BTC dominance is coming to an end. That's a great thing. So many new and amazing products finally have a chance to shine.
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In crypto world, BTC failing IS the fundamental thing. Maybe in a few years, things will change. But for now, BTC is still the most fundamental factor.
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Try this article: https://steemit.com/bitcoin/@haejin/altcoins-and-bitcoins-update
I've previously called for below $5billion market cap for BTC by 2020. So in a few years BTC will have all it's dominance and put in its rightful place; which is a history book/museum.
I might sound crazy. But please do your research and let the time tell.
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Give me some money to invest and I'll show you a catcher of a falling knife. Seriously, I see very long and prosperous future for bitcoin. Stop freaking out people...seriously! I'm no psychic and neither are you. So, go catch that falling knife (IMHO), of course...
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They are trying to buy some themselves at a lower price
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Buy the dips!
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I look at it as if Bitcoin just went on sale!
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dollar cost averaging is good and doubling down at key supports, and buying other cryptos of lesser valur that have fallen for no reason other than theyre cryptos is also grrrrreeaaatttt...
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It's good that the market is stabilizing. Everyone gets paranoid as soon as there are red digits. Red is the new green. Red is good and It's the time when you should buy.
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As always, HODL and buy more if you have the money that you can spare. I think november is when we will see whether bitcoin price will raise or crash even further.
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This looks like a pivotal time for bitcoin, if it survives - it grows exponentially, if not, there will be a lot of unhappy folks around the world, unless other cryptocurrencies overtake it? Is that even possible?
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Been in the space for 4 months and seen two big "crashes". Both of the times i bought in the dips and never regretted it. My buy orders at Bittrex are booming! Not sweating over this. I look at the bigger picture, longterm. Bitcoin can change our entire monetary system (slavery) and that's true freedom. People need to wake the fuck up about the fraud coin called fiat.
Wanna know more? I just wrote an article about it.
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This is to be expected, I think $5000 is going to be the absolute upper limit for a lot of people so I'm actually glad it's falling in value, it means things will get a bit more realistic and we haven't seen inflation hit yet. I have my doubts it will fall below $1000 or anything ridiculous like that, too much hype around Bitcoin now.
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interesting
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Do not be afraid of up and downs and enjoy the ride!
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As I told in some others post, I think that Bitcoin will rise again in the next month.
That why Bitcoin is not a currency controlled by central bank (for example FED, BOE or BCE ) and this give Bitcoin the value of a safe heaven.
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If we could get more IRL retailers to accept Bit/Altcoin, I feel like we would be seeing less of these wild swings.
I say, look for bitcoin to tumble to between $2k and $3k before the dust settles. I'm no analyst, either, but it seems like this summer prices soared because of the FOMO train, and once people pulled into the BTC station, they realized it doesn't have many IRL applications, so it's basically a speculators tool.
The most common complaint I hear about Magic Internet Money is that you can't do much in the real world.
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Monthly or Weekly Systematic Investment could be wise when it comes to Bitcoin.
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