Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Sitarow]

I recall a trading week similar to this back in January-February 2013. We stayed between $9 and $12 in December 2012 then in January we broke the $13 ATH shortly before the rise we have seen in April 2013



http://bitcoincharts.com/charts/mtgoxUSD#rg360zigHourlyzczsg2013-01-21zeg2013-02-01ztgSzm1g10zm2g25zv

Edit to correct the small details

[shad0wbitz]

Why do you guys so vehemently commit to buy and hold, only to blow it when it's at the very bottom and sell?

If you committed to buy and hold on the way up, what it SHOULD mean is that you have already psychologically braced yourself for any sort of drop like this. You've probably decided you're not good at day-trading, so you hold. The problem is it's very easy to commit to buy and hold when it's going to da moon, but will you maintain that sort of mentality when it is dropping like a stone? If you cannot do so, you should probably have cashed out enough while it was going up so that a drop wouldn't crush you. You know it will go down eventually, whether it be in a bear trap or a crash, so if you really want to stay in bitcoins, just save the proceeds from your bitcoins until it goes down, then buy some more.

+1 So many people feel that selling is betraying bitcoin or something. I personally sold a shit ton at $1080 and now buying back gradually. When I sold, I didn't think I was going to get out of bitcoin by any means. I'll never will, but you need to take your opportunities to grow your portfolio wisely.

[adamstgBit]

I recall a trading week similar to this back in January-February 2012. We stayed between $9 and $12 in December 2011 then in January we broke the $13 ATH shortly before the rise we have seen in April 2012



http://bitcoincharts.com/charts/mtgoxUSD#rg360zigHourlyzczsg2013-01-21zeg2013-02-01ztgSzm1g10zm2g25zv

i was panic selling in those days....

[crazy_rabbit]

Why do you guys so vehemently commit to buy and hold, only to blow it when it's at the very bottom and sell?

If you committed to buy and hold on the way up, what it SHOULD mean is that you have already psychologically braced yourself for any sort of drop like this. You've probably decided you're not good at day-trading, so you hold. The problem is it's very easy to commit to buy and hold when it's going to da moon, but will you maintain that sort of mentality when it is dropping like a stone? If you cannot do so, you should probably have cashed out enough while it was going up so that a drop wouldn't crush you. You know it will go down eventually, whether it be in a bear trap or a crash, so if you really want to stay in bitcoins, just save the proceeds from your bitcoins until it goes down, then buy some more.

 For some of us, it's an insane amount of money. You can't help but calculating buying a nice house in Tuscany with a boat to sail or just holding.


EDIT: With Buy and Hold it's a house in Tuscany. With playing the lotto with the Chinese, it's maybe a House in Tuscany PLUS the same amount of bitcoin you just spent on the house in Tuscany.

EDIT: The majority of my stash is still cold, cold, cold.

[dwdoc]

6am in Beijing.

[ChartBuddy]

[jojo69]

6am in Beijing.

millions of blackscreen copies of windows XP booting up on pentium 4s

[EuroTrash]

I recall a trading week similar to this back in January-February 2012. We stayed between $9 and $12 in December 2011 then in January we broke the $13 ATH shortly before the rise we have seen in April 2012



http://bitcoincharts.com/charts/mtgoxUSD#rg360zigHourlyzczsg2013-01-21zeg2013-02-01ztgSzm1g10zm2g25zv

Quite sure that graph is 2013 not 2012. I have vivid memories of those times.

[kurious]

Why do you guys so vehemently commit to buy and hold, only to blow it when it's at the very bottom and sell?

If you committed to buy and hold on the way up, what it SHOULD mean is that you have already psychologically braced yourself for any sort of drop like this. You've probably decided you're not good at day-trading, so you hold. The problem is it's very easy to commit to buy and hold when it's going to da moon, but will you maintain that sort of mentality when it is dropping like a stone? If you cannot do so, you should probably have cashed out enough while it was going up so that a drop wouldn't crush you. You know it will go down eventually, whether it be in a bear trap or a crash, so if you really want to stay in bitcoins, just save the proceeds from your bitcoins until it goes down, then buy some more.

I hold 90% in cold storage, leaving 10% to play with

I only play with 20% - but it still hurts if I get it wrong!   Amount of fiat in that 20% varies - right now that is probably a good idea, but I will not have 'made money' on this dip unless it's not over.   I am waiting to see what happens.

[EuroTrash]

6am in Beijing.

Some Chinese traders haven't had a good night of sleep.

[crazy_rabbit]

It's 11pm my time. I think I'm going to head to bed. I'm 20% or so fiat with my buy orders placed. Hopefully they get filled and I'll end up ahead of the game. I've got to say, that was a lot of work today for not much profit. If this were real life, and we were all in the boiler room at the back, all of us would be like fucking best friends by now. Drinking beer, talking bullshit. As psychoweird as you lot probably are, we'd bond for life over shit like this.

[kryptopojken]

6am in Beijing.

Most Chinese traders haven't had a good night of sleep.

fyp

[jojo69]

sleep well rabbit

[alexeft]

Nicely going up. What a shame that probably will not remain. Waiting till end of week at value. What's yours speculations about it, guys?

One can see beauties such as this every now and then in this thread!!! 

[Sitarow]

I recall a trading week similar to this back in January-February 2013. We stayed between $9 and $12 in December 2012 then in January we broke the $13 ATH shortly before the rise we have seen in April 2013



http://bitcoincharts.com/charts/mtgoxUSD#rg360zigHourlyzczsg2013-01-21zeg2013-02-01ztgSzm1g10zm2g25zv

Quite sure that graph is 2013 not 2012. I have vivid memories of those times.

Correct Typo On December 2011 should been 2012 and April 2012 should have been 2013.

Its January 2013-February 2013 December 2012 was the $12 Range

[gandhibt]

It's 11pm my time. I think I'm going to head to bed. I'm 20% or so fiat with my buy orders placed. Hopefully they get filled and I'll end up ahead of the game. I've got to say, that was a lot of work today for not much profit. If this were real life, and we were all in the boiler room at the back, all of us would be like fucking best friends by now. Drinking beer, talking bullshit. As psychoweird as you lot probably are, we'd bond for life over shit like this.

Has been nice to trade with you today, we are both in stamp so even better

[11ams]

Perspective sure can be beautiful.

[Richy_T]

Yes I sold at the bottom @650 and would be happy if I only could get my coins back. I had 35 coins before I registered here in the forum. With listening to some people here I panic sold so many times. With a loss of 4 BTC´s. And now I panic sold again because people here were writing it is the end, adam was even crying. So I sold all at the bottom. Looks like its better to move the coins to a wallet and forget the forum here.

No, no.

You move your coins to a wallet and troll the forum here.

Just like everyone else.

[octaft]

Why do you guys so vehemently commit to buy and hold, only to blow it when it's at the very bottom and sell?

If you committed to buy and hold on the way up, what it SHOULD mean is that you have already psychologically braced yourself for any sort of drop like this. You've probably decided you're not good at day-trading, so you hold. The problem is it's very easy to commit to buy and hold when it's going to da moon, but will you maintain that sort of mentality when it is dropping like a stone? If you cannot do so, you should probably have cashed out enough while it was going up so that a drop wouldn't crush you. You know it will go down eventually, whether it be in a bear trap or a crash, so if you really want to stay in bitcoins, just save the proceeds from your bitcoins until it goes down, then buy some more.

 For some of us, it's an insane amount of money. You can't help but calculating buying a nice house in Tuscany with a boat to sail or just holding.


EDIT: With Buy and Hold it's a house in Tuscany. With playing the lotto with the Chinese, it's maybe a House in Tuscany PLUS the same amount of bitcoin you just spent on the house in Tuscany.

EDIT: The majority of my stash is still cold, cold, cold.

Were you the one who said you lost more money than you've ever had during this drop? If you sold portions after large advances instead of large declines, you would have had a lot more money, and wouldn't have to have that lurching in your stomach during drops. Now, if it continues to advance after you sell some, you will miss out on some profits, but you'll still likely make plenty. If it starts to drop, the money you have accumulated will help you keep your head on straight and not panic when a drop comes. That means you're going to be sticking to your original buy and hold plan. It also means you will have extra money with which to BUY when it's dropping.

I think for some of you, it stems from greed. "If I sell 10 BTC now at 1000, that's 10 million less I'll have when it hits 1 million!" I promise you it's not going to go to a million tomorrow. Take some profit during uptrends, buy yourself something nice, and hold onto the rest for rebuying later.

One might argue "well if your plan is to buy and hold, why are you selling?" Well, you're temporarily adjusting your plan to involve selling because you want some profits and you want to reduce your risk to prevent panic selling. The question is, are you going to adjust your plan rationally while it's going up, or in a panic when it's tanking?

[oda.krell]

[...]

nothing is wrong with selling.. a lot is wrong with panic selling.. and that is a majority of what I see pushed

It's only panic selling if you didn't conclude price will continue to fall and you sell anyway.

I see more and more evidence that this correction is far from over.

Hence my recommendation: wait for a moderate rebound (tonight? tomorrow maybe?), take a long, hard look at the charts and the tools of your choice, and then decide if it's time to sell some.

Especially take a look at the 3 months or 6 months charts to see where it's going.

Which monthly charts did you have in mind? The one from Q3/4 2011, or the one from Q2 this year?







In reality, I get your point of course. But do you get mine as well?