Re: Bought my first BTC @ $4600, slightly worried

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? Grin

I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

Sure. Even for old timers, there is a perpetual feeling that one doesn't have enough coins. But such market sentiment (greed) is inevitably balanced by fear, and the nature of markets is to test the mettle of its participants. That means squeezing bulls and bears alike. If I were you, I'd prepare for the worst, which from here looks like a return to the $2000s. In the interim, there is major support in the $3000s, perhaps after a stop run below the $3600 low.

For all I know, this is just a shakeout before new all-time highs next week. But it's also possible that you bought a long term top. You need to be prepared for that. Undecided

Always remember. Markets are manipulated. Dont keep BTC just to keep them, make it an active capital + dont forget to diversify it into other ALTcoins.

if he still kept it as btc by now, he still have gained more than $500. OP were worried whether he wasted his money or not from the entry point of 4600USD while that time the price was sinking. but now that its rising as he expected. he should have gained. but but but if he diversified it to altcoins, then some of his altcoins might have been sinking too.