Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
china wants to move up. the spread between western exchanges and mainland china is $25. $ and are hesitant.
i wish it could go sideways for a week or so to calm everyone down.
some people think with the price above $1000 for the third time, that this time it will not come back. some think the price recovery after the 35% drop is just a bounce/bull trap and that it will crash a third time.
i did not expect that price would recover so fast after PBOC intervention and the epic meltdown of chinese volume. it also came back way to fast for the three year mother of all cup and handle formations.
so here we are: clueless as always..
i will not touch the cold storage. but there are some coins that i could sell in order to buy back more if there is a drop. i missed the opportunity on jan.5th because i thought we would go to approx. $1400 or 1500 before dropping hard. i would like not to miss it again.
my current idea is to put a stop loss order somewhere in the area we are right now. problem is that i would hate to put it to close to the actual price, because i don´t want to get burned by a drop that triggers my stop loss but then turns around and rally hard...
so where would you armchair experts suggest a sweet spot for a stop loss ?
edit: woah... fuck.. too late..
i wish it could go sideways for a week or so to calm everyone down.
some people think with the price above $1000 for the third time, that this time it will not come back. some think the price recovery after the 35% drop is just a bounce/bull trap and that it will crash a third time.
i did not expect that price would recover so fast after PBOC intervention and the epic meltdown of chinese volume. it also came back way to fast for the three year mother of all cup and handle formations.
so here we are: clueless as always..
i will not touch the cold storage. but there are some coins that i could sell in order to buy back more if there is a drop. i missed the opportunity on jan.5th because i thought we would go to approx. $1400 or 1500 before dropping hard. i would like not to miss it again.
my current idea is to put a stop loss order somewhere in the area we are right now. problem is that i would hate to put it to close to the actual price, because i don´t want to get burned by a drop that triggers my stop loss but then turns around and rally hard...
so where would you armchair experts suggest a sweet spot for a stop loss ?
edit: woah... fuck.. too late..
I think that all of those attempting to predict strategies are too risky.
You are asserting that you want to protect yourself from some of the downside volatility and to accumulate more coins if such downside volatility happens and you do not want to sell too many coins, in case the price goes up - instead of down (which also seems the longer term trend).
Safest is incrementalism, and pick an amount that is comfortable for you. I am currently selling about 1% of my total bitcoin holdings for every 10% rise, however I do it in about $20 increments, therefore, I am selling like .2% of my BTC holdings for every 2% rise.. and then that money starts to add up and I have it in order to buy back..which sooner or later seems to happen.. and causes me to have more bitcoins even while the price is moving up.
It is almost inevitable in bitcoin that we are going to experience some of these drastic moves in both directions and the downwards seem pretty obvious to be decent buying opportunities and you can use the accumulated money from selling incrementally (in very small amounts) for such buying back during those seemingly inevitable downturns.