Bought my first BTC @ $4600, slightly worried

[wilhb81]

It's quite normal for retracements to happen, either in fiat currencies or alt coins.

I read a few articles online said that BTC might be heading back to $3K support line again (it's going to be a bumpy ride for sure...)

[Realist247]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

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? 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?

Being a new member here means very little.  Most of the "veterans" here have very little to offer as very few hold significant amounts of BTC.  Being new to trading is the key.

You messed up.  You bought high.  Does that mean that you won't eventually get your investment back?  That's too far away to see.  Maybe, maybe not.  What matters is your pain tolerance.  At least, in this case, you aren't involved in futures or options that expire.  Even if it takes a couple of years, your odds are much better with respect to recouping your losses.

Personally I think BTC is still greatly overvalued by at least $2000-3000.  We might see those levels again and it's in your best interests to hope so as well, especially if you are truly in this for the long term.  If you can buy several coins at less than $1000-1500 you will be in a much better position than you'd otherwise be in if you had just the singular coin at $4600.  Everyone learns the hard way....but true investing is a marathon that requires an outlook of years....not the greedy optimism that believes in weeks or monthly timelines.

[sammrheza]

the problem is , the price keep going down and down , no signal they wanna go up   , should hold or dump it hahaha

That's true, it is a bit scary to see the price keep going down.
But this is what makes us traders, hodl or dump, that's our only choice.
Price falling like hell like that is a normal thing, so relax, I hope so.

everytime bitcoin find stable price , but its keep going down , recently stable at 4600 after down from 5000 , then stable at 4200 , then now its stable at 3800 , next stop 3400 ? or back to 4200 

[The Sceptical Chymist]

I see you can't control your emotions. Nothing to be worried about because it always fluctuates like this. Its going up and down but eventually will go more upward. You should have a mindset that your lucky enough to buy now unlike anyone else that will bought it next year that is going to be almost or more than $10k.

the problem is , the price keep going down and down , no signal they wanna go up  , should hold or dump it hahaha

Dump it.  You're too silly and weak to own any bitcoin anyway.  Leave it to the grownups with stronger hands who don't have to ask for advice on how to trade.

[HabBear]

A thread For Those That Think They Missed The Boat.

Perspective is everything. But first, ask yourself why you believe in Bitcoin and how long you're willing to wait for Bitcoin's value to materialize. This should drive how much you invest, if you double down or if you cut your losses. You shouldn't be kept up at night thinking about your investment - if you are, you need to get out.

[hypersonic1]

Don't forget that on pay days people buy more bitcoin as well so let's see what happens on friday.

[Fievel]

Thanks for the advice so far guys. I was expecting a whole lot more negative criticism since I bought that high, but everyone has been really helpful. Much appreciated.

Some advice; do not look at the price every hour or everyday, just wait until next week or next month, it may takes several months before the price bounce back to $5000 again. Keep holding 

I'm addicted to the charts at the moment, I figure I should just get used to the stress while I'm at it trying not to check all the time though.

Surely you will recover your losses in the long run. It would be a real struggle to cut your losses than holding since that's a very decent amount you thrown there but think of if you sell it now then you will lose but if you hold it then you'll profit. Just hold and chill. It might dump even more so be prepared but don't panic. It will soon recover in a couple of days, weeks, or even months. Just trust Bitcoin.

Yeah, moving it around now would probably be a mistake, especially since I'm fairly new at trading. I've decided to hold it to the bitter end.

You buyed just when it got on the top of its price. That is a beginner mistake. Think if you would research a little and wait till now, you could buy 1 bitcoin with 700$ less and you would be closer to make profit in future. Anyway, I think there is absolutely no reason to worry. Dont panic and keep your bitcoin in wallet for future. Its price is going to double in next 2-3 years

I agree to a certain extent. In hindsight, sure, I bought too high. The ATH was over $4900 at the time, which was $300 above what I paid. The market was recuperating from the news about ICO fraud in China, and when the value regains strength after an event like that, it historically goes to new heights.

This was my rough analysis before I bought. I didn't do any technical analysis of the trends, only the above was evaluated. Unfortunately, both the news regarding exchange shutdowns and the JPMorgan CEO's comments appeared shortly after my purchase, and there were few telltale signs of that happening (as far as I know). That's 3 big ones in a row, and that's 10x worse than just 1 piece of bad news in my eyes.

If you spot any fallacies in my reasoning and would've done things differently, don't hesitate to correct me.

Hold on to it and if the price keeps dropping buy some more if you can afford it. I bought my first at €800 and then the price dropped to around €300. Bummer, but I bought some more and when the price went back up to €500 I would have been able to make a small profit by selling them. I haven't sold any BTC yet. I thought I was late to the party in 2013.

In the mean time, make sure your 1 BTC is secure in a desktop wallet, read the manual of your wallet, know how to backup and restore your wallet. Seeing the price drop is bad, losing your BTC because of a computer crash or virus or because the exchange gets hacked is the worst.

Definitely, I'm going to set aside a percentage of my income to buy the dips from now on. My Bitcoin wallet has been in cold storage from day 1, thank you for the heads up!

You bought "high", as in you bought during a bullish moment of growth. That's only a mistake in some very specific cases, so unless you used your rent/food money to buy those coins, and unless bitcoin died tomorrow (hint, that won't happen), you did fine. Not brilliant, but fine.

Now how to deal with the current collapse (other hint, you've not been in a crypto crash until you lose 60-80% of your potential value)?
This answer is where the simple yet complicated decisions come, and it's up to you.

Did you use money you needed in order to live to invest in bitcoin? Sell, now, at a loss, and don't come back until you've got money you can afford to light a cigar with.
You will rot your blood if you play with money you need to live off.

Did you buy these coins with a large fraction of your "superfluous" wealth? Then hold tight onto them, chances are very high that eventually price will increase above and beyond your entry point. Is it guaranteed? nope. Do we have a timeframe? Sure. Something between a day and a decade.

Well. Whether I spent from superfluous wealth is debatable. It's a lot of money, and some cuts in my daily life have to be made short term. So yeah, I did use some that would've come in handy. I'm kinda past that now though. It was frustrating the first couple of days, but you have to risk it to win it. The regret of watching the value potentially skyrocket years from now, not having taken part in it, would be infinitely worse than the regret of losing 1 BTC now in my opinion.

[Smarty14392]

It's always the same -- when the price continues to increase rapidly, people are extremely bullish and throw with $10,000 predictions, but as soon as the market is heading down, these bullish thoughts are gone. People get distracted far too easily, and that directly shows that they landed in the wrong place. Situations where people buy at near peak levels are quite common, but the most important thing is to stick to what you did -- panic selling is never a good idea. Instead, use the lower rate to buy more coins and get your initial purchasing price to decrease this way.

Don’t be panic the market will rise again and the profit percentage will go up .there Is no need to be panic you should wait for the right time to struck and you will be blessed with profit just stay up to date to the market rates and in coming future bitcoin rice will go up and will give you a lot of confidence to invest again,

[voztata]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

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? 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?

You shouldn’t have bought Bitcoin at such price. You should have waited till November to see how things are going to roll out. I believe price will hit very low then and there would a rush-in that will make it hit back high again and lots of early purchasers making profits.

[Zeke_23]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

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? 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?

You shouldn’t have bought Bitcoin at such price. You should have waited till November to see how things are going to roll out. I believe price will hit very low then and there would a rush-in that will make it hit back high again and lots of early purchasers making profits.

yes he should not buy at that price, but dont worry about that, bitcoin will probably go back to $5000 so he can earn profit but not now, maybe next month. so he must hold it for now, dont mind the losses he had just think positive and for sure he will still gain profit in there.

[bitcoinbulk]

BTC is volatile, it does this! Look back at July, it dipped down to $1800 then the next thing you know it was racing to $5000.

It will come back, you just have to be patient.

[Chillance]

When I saw this: https://cdn.howmuch.net/content/images/ex3-5-1.jpg it really put things in perspective for me. So, I'd say, just be patient. Unless someone find something critical with Bitcoin I only see it going up long term.

[jostorres]

the problem is , the price keep going down and down , no signal they wanna go up   , should hold or dump it hahaha

That's true, it is a bit scary to see the price keep going down.
But this is what makes us traders, hodl or dump, that's our only choice.
Price falling like hell like that is a normal thing, so relax, I hope so.

everytime bitcoin find stable price , but its keep going down , recently stable at 4600 after down from 5000 , then stable at 4200 , then now its stable at 3800 , next stop 3400 ? or back to 4200 

It is right that bitcoin price is going down but I hope that within a month time it will get rise again and you would feel that the rate in which you have bought bitcoin @ 4600$ was quite right. I think it is the normal price just wait and watch, I hope you will not be worried in future with such price purchasing. Patience is the main weapon in business so don’t worry and keep continue with bitcoin.

[IamAltcoinfan]

If your looking for long term benifit then you really no need to worry this fluctuation is common in cryptoworld you can see bitcoin chart if any small negative fluctuationhappened soon after some time bitcoin gained more than 50% of value compare to actual fluactuation happened be patience.

[MrCrank]

Don't worry friend, it's normal.
Please hold your bitcoin to best time and don't sell it!
In any case price will be recover and will be rising again. You will get profit soon. If you sell it now you lost your part of money..

[pugman]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

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? 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?

If you do not have a problem of cashing your btc out for a few years,fine them you do not have to worry ,after a few years you can cash it out and chill. But if you want to earn within a gap of one year or less,there might be a few things to worry about. The prices might fluctuate (because of the issues going on in China or even because of a possibility of a world war or god forbid even worse) or it might not,but better be careful and make sure that the decision that you make won't affect you.

[jekjekman]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

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? 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?

That is a heart pounding decision for you though, if it was me I am sure I will be depressed and devastated as Bitcoin's price goes low as much as $2,900 almost 40% decrease in the original price that you bought a single piece.

Actually no one can really tells what will happen in the next seconds, minutes, hours.

[reliable]

I would suggest along with the holding of coin if you have some extra money start buying some coins regularly. This will help you out to average your cost and make it lower .

In such a way your recover will be faster and also you can earn good profits if you believe in that price is going to rise in coming time.

[aoluain]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

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? 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?

Firstly - dont worry because Bitcoin will break through this
current negative cloud. There is uncertainty in the market
which is driven mostly by misinformation both negative and
positive and also by panic and people driving the panic lower
to buy more at a lower price.

If you feel you can you could always buy another bitcoin at
a lower price like $3500 to lower your average outlay at
$4050

[MrCrank]

Firstly - dont worry because Bitcoin will break through this
current negative cloud. There is uncertainty in the market
which is driven mostly by misinformation both negative and
positive and also by panic and people driving the panic lower
to buy more at a lower price.

If you feel you can you could always buy another bitcoin at
a lower price like $3500 to lower your average outlay at
$4050

You right! I heard today that one man said that need to buy bitcoin today at price below $ 3600 (I forgot name, this is famous)
after price will fast rise. Don't know is true it or not..
In my point of view will be happen.