This is a SAMPLE ENTRY to: What does TODAY Mean to YOU?" - Win 🏅 upvotes, SBD, Steem, TRX, and more... #ccc 3.48 by @freedomshift (https://steemit.com/ccc/@freedomshift/what-does-today-mean-to-you-win-upvotes-sbd-steem-trx-and-more-ccc-3-48)
"What does TODAY Mean to YOU?"
Well, this is more of a rant and lessons learned / reflection than an example for anyone ...
First, the BTC charts:
BTC 30 minute chart
BTC 5 minutes chart ($33,513.00 L $33,529.05 C)
As you can see in the first BTC 30-minute price charts, BitCoin (#BTC) had two dumps/dips - the first one is well anticipated and the one today, the second one, dump or dip, is not!
I have been waiting for a good entry price to buy some Bitcoin (#BTC) for quite some time since it has reached its all time high of about $63,000 (don't have the exact price but you can look it up if interested).
The first dump/dip happened during the night U. S. CST and I went to sleep after I waited a few hours. I set a buy price of $36,000 based on a 10% off of $40,000, a reasonable low enough price - so I thought.
Well, what do you know? The final phase of the dump occurred during the early morning hours U. S. CST and I was asleep (although I do not know what I would have done IF I were awake). The lowest price was $30,000 but I am sure that price is only for a small amount of BTC transacted. I think a reasonable low price that I could have bought some BTC might be about $34,000.
Lesson #1 - it might not make a difference IF I had stayed up and not sleep that night. Setting a buy order at a reasonably low price of $36,000 turned out to make no difference as BitCoin (#BTC) dipped below $36,000 the next morning. As you'll see below, setting a buy price too low is not a good idea either!
Will "lightning strike twice?" - Some say NO! But I say maybe?
In the mean time, I transferred some more cash into my Coinbase account and waited for that second dump/dip.
In the mean time, BitCoin (#BTC) rallied from $30,000 to about $42,000 touching the yellow line and the 200-period moving average!
Lesson #2 - When BitCoin (or any other coin or stock) is range-bound, which it is, Buy low/lower (not necessarily the lowest) and sell high/higher (not necessarily the highest) is the best - go for "base hits" and "sure wins" or "take profit" and not wait for the "home run" which is elusive at best!
| Note: Which means that I had been feeling bad about not catching the lowest price during the dump/dip, the first one a few days ago, and forgot to take a good profit of $42,000 - $36,000 = $6,000! Note that I only missed the reasonably low price of $34,000 by $2,000 and could have bought BitCoin (#BTC) back at the second dump/dip! |
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Lesson #3 - NO ONE - Yes - no one can catch the lowest price to buy or the highest price to sell - it is humanly not possible! Only trading bots can!
So, when the second dump/dip started, I was not sure about selling my BitCoin (#BTC) which I bought @ $36,000 until the price started to fall below $37,000! I finally sold it at a slight profit @36,760 when I realized that iis going to fall below $36,000 for sure.
Lesson #4 - don't take a loss just to refuse to admit an error in judgement or a mistake.
I missed selling BitCoin (#BTC) at over $40,000 which I thought was a reasonable low buy (support) price but now it has become a reasonably high (resistance) price! That was my mistake! But, I am glad that I recognized that and sold my BitCoin (#BTC) at a small profit and not let it turned into a loss.
| The second dump/dip was at hand and this time I was not going to buy at too high a price, so I thought. I entered a buy order @ $33,463 ( I have no basis for that price - I wanted a round number of BitCoins with that price). |
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So, as the dump continued, I was watching it going below $36,000 ... and then going below $35,000 ... and then going below $34,000 and I was watching and getting ready for action. I checked my coinbase account and my order a few times and the price got really close - I saw trades about $100 / BTC higher than my order price flying across the screen ...
I hesitated to make a change - I wanted to be right this time!
But, then, the dump stopped and the bounce was swift.
Lesson #5 - in a dump or a blow-off top, things changes quickly - the bots are hard at work and orders are stacking up - so, be quick about it and use market orders.
| By the time I realized that I needed to buy BitCoin (#BTC) because "the sale was over", the price was over $36,000 - I bought #BTC @ $36,262.08 (price is now @ $37,256). |
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Looking at the 30-minute price chart of BitCoin (#BTC), it has a double bottom at where I drew the two blue lines (I also drew the yellow line a long time ago and not realize how significant these three lines were at that time ...
| FINALLY - this is more a note to myself than any advice! DISCLAIMER: I am not an adviser, not a financial advisor and not a tax or legal advisor and this is not advice to anyone to take any action! Please do your own research and verify EVERYTHING before taking ANY action! |
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I am inviting @naylet, @leticiapereira, and @eve73 to check out:
What does TODAY Mean to YOU?" - Win 🏅 upvotes, SBD, Steem, TRX, and more... #ccc 3.48 by @freedomshift
(https://steemit.com/ccc/@freedomshift/what-does-today-mean-to-you-win-upvotes-sbd-steem-trx-and-more-ccc-3-48) - please join us and invite others!
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