Is now a good time to buy some BTC?

[owennbentley]

I'm still a beginner in the market as I only joined late December last year. But, I think I possess a decent amount of knowledge on the whole concept of cryptocurrencies i.e. decentralisation and removing the middle man via the blockchain technology. I'm really excited to see how far these coin and token projects and I do hope they remove the need of a middle man. So I am investing to not just for profits.

I'm 17 so I've had to set up on exchanges under my mom's ID and bank details which has been awkward. As I live in the UK I use Coinbase, GDAX and Binance I do have accounts set up on Kucoin and Cryptopia but haven't verified ID on them. I currently hold a small porftolio of around $30 with half being in BTC and small positions in SUB, TRX, RCN LTC AND ADA. As I'm young I don't have a lot of money to throw around which is really frustrating because I know how much more I could make from this.

Anyway that's just some background info. I've currently got €45 in my GDAX account and I'm unsure when to buy BTC, I was about to buy when it was around €4,600 but bottled it because I was unsure whether it would drop even further. I know I need to DYOR and I've taken some recommendations of good news platforms yesterday such as Coindesk and Cointelligence and other websites such as this one. I also follow useful accounts on twitter, big exchanges and the coins I'm interested in. But, I'm still sitting on the fence whether to just buy today, I've read around that we've hit the bottom of the dip and BTC will go on a bull run. What are other people's thoughts? Also feel free to give me any constructive criticism or advice, I'd really appreciate it. This is my first ever post on anything crypto related.

(Edit) I'm currently just a hodler, not day or swing trader. My plan is to buy small positions now and wait for the next huge bull run and lock in some profits and buy back when the market corrects. Although I'm going to research into swing trading and get into that if / when I feel confident enough.

[DiscretePatriot]

While we may be up at $8k from $6k, it's important to note that the major resistance is around $10k levels. Without momentum or an attempt to break $10k soon, we could see price fall below $6k.

[coinman45]

I suggest to buy BTC already, the problem with waiting for it to go down further is that it might not happen. The value had already reached far enough, and if it does then you'll just have to wait a little longer to take profit. 

[Rashid pk]

right now Bitcoin price $8,284... i think after February it will be $12000 or $15000, so you can buy Bitcoin without any hesitation. 

[Gringoblin67]

right now Bitcoin price $8,284... i think after February it will be $12000 or $15000, so you can buy Bitcoin without any hesitation. 

The market doesn't care about what we think. There is heavy resistance at around $10k level and I suggest that we should watch it carefully.

[Crytptohack]

You should look into and study markets in general before investing as everything essentially has risk associated with it. The crypto market is one of the highest risk markets out there with large swings up and down. They are a virtual currency so they have no earnings, just move based on peoples sentiment and technical movement based on the charts.

So you should look into some technical analysis which is studying the price movement of the asset on a chart. (Tradingview has good charts for cryptos)  If you go long, you do not want to purchase when the price is declining as it can continue to drop further and you will lose money. So people wait for an uptrend before they purchase,,,,this is easier said than done and takes some charting analysis.

There are a lot of good books on technical analysis, check some out.

[lockept93]

It's never the wrong time to buy Bitcoin. Doesn't matter what happen on the markets.

[owennbentley]

You should look into and study markets in general before investing as everything essentially has risk associated with it. The crypto market is one of the highest risk markets out there with large swings up and down. They are a virtual currency so they have no earnings, just move based on peoples sentiment and technical movement based on the charts.

So you should look into some technical analysis which is studying the price movement of the asset on a chart. (Tradingview has good charts for cryptos)  If you go long, you do not want to purchase when the price is declining as it can continue to drop further and you will lose money. So people wait for an uptrend before they purchase,,,,this is easier said than done and takes some charting analysis.

There are a lot of good books on technical analysis, check some out.

Thank you for your  reply. I did research on technical analysis from videos by Datadash and other youtubers but have forgot most of it as I haven't purchased any coins in a while, I will continue my research again! I was thinking of reading some books. Would I look at general trading books like from the stock market because I was thinking there wouldn't be many decent crypto books out there seen as the market it so young? Any recommendations?

[Jet Cash]

Shame on you as an Englishman for posting in Euro.

If you want to cut out the middleman, you need to run a Bitcoin node.

Take care using your mother's details to set up exchange accounts. The UK banks aren't too keen on Bitcoin exchanges, and you may add some red flags to her accounts, or affect her credit rating.

[owennbentley]

While we may be up at $8k from $6k, it's important to note that the major resistance is around $10k levels. Without momentum or an attempt to break $10k soon, we could see price fall below $6k.

Would you recommend buying €22.5 worth of BTC now and wait to see what happens when we reach the $10k resistance level?

[cryptoSchultz18]

This was a healthy, very healthy market correction, it made the coins to go really down, BUT, as always happens, correction is always followed by a growth, and sometimes a big growth. So investing now will help you become rich AGAIN. If you are looking for other good investment options that will benefit from this correction, consider ETH and LTC. I am going with the safest options, but you can definitely add your own preferences. Just remember, this is not a financial advise, but an argument based on tested experience! 

Good luck!

[W4terhouse]

I Think at the moment is a good choice to buy BTC. In December it would have been bad. But im quite sure that the BTC will rice again in the upcoming months.

[reverseflash]

With very high probability, bitcoin will go up after February. Now you can try to catch the fall, or buy at the current price.

[W4terhouse]

With very high probability, bitcoin will go up after February. Now you can try to catch the fall, or buy at the current price.

Do you have any proof or something like that? I know that there are some big players who want to join the markets. Do you know more?

[reverseflash]

With very high probability, bitcoin will go up after February. Now you can try to catch the fall, or buy at the current price.

Do you have any proof or something like that? I know that there are some big players who want to join the markets. Do you know more?

If you look at the yearly fluctuations in the bitcoin rate, you can see that the strongest fall occurs at the end and the beginning of the year and then goes up. Unfortunately, it is impossible to give a 100% guarantee of growth strictly on schedule because of the influence of many factors. Just as you can not guarantee the price increase to the level in December last year.

[Crytptohack]

You should look into and study markets in general before investing as everything essentially has risk associated with it. The crypto market is one of the highest risk markets out there with large swings up and down. They are a virtual currency so they have no earnings, just move based on peoples sentiment and technical movement based on the charts.

So you should look into some technical analysis which is studying the price movement of the asset on a chart. (Tradingview has good charts for cryptos)  If you go long, you do not want to purchase when the price is declining as it can continue to drop further and you will lose money. So people wait for an uptrend before they purchase,,,,this is easier said than done and takes some charting analysis.

There are a lot of good books on technical analysis, check some out.

Thank you for your  reply. I did research on technical analysis from videos by Datadash and other youtubers but have forgot most of it as I haven't purchased any coins in a while, I will continue my research again! I was thinking of reading some books. Would I look at general trading books like from the stock market because I was thinking there wouldn't be many decent crypto books out there seen as the market it so young? Any recommendations?

I have no specific recommendations as there are so many. You may want to read 2 types of books, one for investing as this is a longer term hold and one specifically for technical analysis and all traders use this technique.

Regarding the time to buy, I personally think it is a good time to scale into positions.  Why? If you look at the BTC price based on the GDAX exchange, it hit a high last Dec of just over 19k. It corrected back down to the mid 5k level which was a significant price reduction. (Most pro investors/traders wait for major pullbacks before taking positions to go long)

I also looked a a fibonacci retracement from the low in July 17 to the peak in Dec, it dropped to the .236 fib level which is one of the potential reversal points. On a percentage scale, BTC dropped 70.6% from the dates mentioned above. Not a bad discount for those shopping I would say...

[jrtm]

I'm still a beginner in the market as I only joined late December last year. But, I think I possess a decent amount of knowledge on the whole concept of cryptocurrencies i.e. decentralisation and removing the middle man via the blockchain technology. I'm really excited to see how far these coin and token projects and I do hope they remove the need of a middle man. So I am investing to not just for profits.

I'm 17 so I've had to set up on exchanges under my mom's ID and bank details which has been awkward. As I live in the UK I use Coinbase, GDAX and Binance I do have accounts set up on Kucoin and Cryptopia but haven't verified ID on them. I currently hold a small porftolio of around $30 with half being in BTC and small positions in SUB, TRX, RCN LTC AND ADA. As I'm young I don't have a lot of money to throw around which is really frustrating because I know how much more I could make from this.

Anyway that's just some background info. I've currently got €45 in my GDAX account and I'm unsure when to buy BTC, I was about to buy when it was around €4,600 but bottled it because I was unsure whether it would drop even further. I know I need to DYOR and I've taken some recommendations of good news platforms yesterday such as Coindesk and Cointelligence and other websites such as this one. I also follow useful accounts on twitter, big exchanges and the coins I'm interested in. But, I'm still sitting on the fence whether to just buy today, I've read around that we've hit the bottom of the dip and BTC will go on a bull run. What are other people's thoughts? Also feel free to give me any constructive criticism or advice, I'd really appreciate it. This is my first ever post on anything crypto related.

To me it is the best time to buy BTC as the price is much lower these days and soon after chinese new year or by the end of Feb the price will start to rise again. So guys this is the best time and do not wait for it to come down further; that might not happen.

[cerealnac]

A lot of people speak with authority on price, but i really feel that no one knows what the future holds. If you are asking about buying for the purpose of holding for gains, then it would seem like a good time to buy. The future could be bright if fixes to the inherent issues with bitcoin can be solved. With the market getting hammered with altcoins, and BTC being the move obvious way for people to invest in them, usage is probably going up in the near future. But...one of those altcoins could eventually surpass bitcoin for these types of transactions.

[sunny354]

no. when btc i going under 7000$. this time to buy some btc.and yout got good profit.

[MintDice]

What makes an investment worthwhile depends on the expectation of capital appreciation and future cash flow, which BTC can’t promise you. It doesn’t have the key components that make traditional equity and fixed income investments, so if you want guaranteed, long term growth, BTC might not be for you. Otherwise it has a lot of opportunity. Keep up with the markets through coinmarketcap which I’m sure you’ve heard of. I’ll post the link below:

bit.ly/CoinMktCap

Good luck