So I have like 33 BTC and have a buy average of 705 USD as I got in the game late. Is it smart to just sell at a loss now in hopes the price will go down to the $400 to $500 range where I can get more btc for the price even though I will be still at a loss until like $650. I know a lot of you will be saying I should have sold earlier but I am a newbie and just kept hodling.
My friend,
You are here reading lots of posts from people who daytrade.
Ignore all this moment-by-moment chatter and angst.
You are zen. You do not try to time the market. You do not succumb to illusion.
You have bought at various times and at various prices.
What you bought at is
irrelevant. None of that matters now -- your decisions bear on the future.
What, you can't wait six months or a year to make a fat profit? You'd rather throw it all away and sell now?
Best advice in this thread.
Don't get sucked in by the cult-like delusion of the nutbar Technical Analysis true believers.
They seem to think that Bitcoin is a gambling scam like casinos, stock markets, or lotteries.
Learn as much as you can digest about the Bitcoin protocol, preferably starting with Satoshi's original white paper to get an historical perspective as well as a technological understanding of what Bitcoin (and by extension all cryptocurrency) is based on.
Be grateful that you bought in for less than $1000 and can count yourself as an early adopter. Don't blow it by selling. Yes, there's still a chance that the price may dip again before the inevitable rise to new ATHs, but it's not worth the risk of being left behind when the coming rally arrives.
Do investigate other cryptocurrencies to learn and try to understand their origins and motivations, while recognizing that Bitcoin has the advantages of being first out of the gate and having a clear headstart at infrastructure development. I attribute Litecoin's #2 position to its Scrypt-based algorithm, which allowed otherwise obsolete GPU miners to continue when FPGA and ASIC miners had usurped SHA256 mining.
Like many others, I consider Dogecoin to be a meme/media-based novelty with a questionable future. If I had to pick any altcoin, it would probably be Ethereum with its programmable contract capability, or to a lesser extent, Zerocoin because of its anonymity. Inform yourself and make your own decision.
Just remember, the Bitcoin adoption curve is nowhere near the vertical stage and should continue parabolically as it has pretty much steadily since its inception except for brief aberrations like Oct 2010, Jun 2011, Apr 2013, or Nov 2013.
