Quote from: the1 on December 16, 2013, 12:39:55 PM

Where is your money going if you just heard about cryptocurrencies?
Or do you wait for next year?

LTC looks more stable than BTC at the moment but has a lot of potential.
BTC for a newbie looks like a cheap buy or not?

My next buy in levels are all sub $600, I believe the price could find strong resistance at around these levels and bounce back, but I also believe that Bitcoin could go as low as $300 again.

If you are thinking about entering Alt-Coin markets right now, be advised that all the other coins are basically based around and can even only be traded for Bitcoin. If BTC goes down, they go down. on that note, I shall draw your attention to the following weekly chart for BTC on MtGox:

Now ignore the wild spike up in the main chart, and take note of the RSI indicator curve along the bottom. You will see from the April 2013 spike and crash, that the RSI held at 100 for a good period of time and as soon as it started to dive, Bitcoin entered a lengthy period of correction, sending the RSI to beneath 20, and the market didn't truly start to pick itself up until mid July, when the RSI started to curve northwards once again. As you will be able to see, we have had a period of the RSI being above 80, but is now starting to dive southwards again. This is just one indicator applied to one time frame and cannot be fully relied upon, but I would extol you NOT to buy Alt-coin at this point in the cycle.