Taking profits but don't be afraid!

[mikeywith]

The correction is rather low considering how the price pumped in the past few weeks. This is expected and is just normal price movement for bitcoin. The support is strong in 7000 so I am also encouraged to buy more at this level.

There is a whole different way of looking at last rally, it could simply be a major correction for the massive drop, BTC entered a bear market and lasted for about a year and half, it lost about 85% of it's value from ATH, recovering 30% from the 85% drop can very likely be a major correction of the overall bear market, or of cource it could be the beginning of the rally, you can't ignore either one.

OP ,one should always look at every possibility out there, you said  "I tried to refresh my wallet" which indicates you are not a day trader, so you should look at the market from a different perspective, as hodler you should always buy every dip and wait to sell for a price that is higher than the last known ATH , while for a trader it makes sense to sell even at 4k for to re-buy at 3.8k for an instance.

I sold at 5.6-6k aread and got stopped on all of my short positions, entered long after that and took profit at 6.8k , bought again at 7k and sold at 7.5k , bought again at 7.6.k and sold for a loss at 7.4k.

Moral of story, if you are a day trader , you should ALWAYS take profits, big or small, does not matter, and you should always exit with a loss if the market goes against your prediction, if however you don't day trade, then simply stop watching the charts/your wallet and come back after 2-3 years.

[Whaleagent]

The correction is rather low considering how the price pumped in the past few weeks. This is expected and is just normal price movement for bitcoin. The support is strong in 7000 so I am also encouraged to buy more at this level.

There is a whole different way of looking at last rally, it could simply be a major correction for the massive drop, BTC entered a bear market and lasted for about a year and half, it lost about 85% of it's value from ATH, recovering 30% from the 85% drop can very likely be a major correction of the overall bear market, or of cource it could be the beginning of the rally, you can't ignore either one.

OP ,one should always look at every possibility out there, you said  "I tried to refresh my wallet" which indicates you are not a day trader, so you should look at the market from a different perspective, as hodler you should always buy every dip and wait to sell for a price that is higher than the last known ATH , while for a trader it makes sense to sell even at 4k for to re-buy at 3.8k for an instance.

I sold at 5.6-6k aread and got stopped on all of my short positions, entered long after that and took profit at 6.8k , bought again at 7k and sold at 7.5k , bought again at 7.6.k and sold for a loss at 7.4k.

Moral of story, if you are a day trader , you should ALWAYS take profits, big or small, does not matter, and you should always exit with a loss if the market goes against your prediction, if however you don't day trade, then simply stop watching the charts/your wallet and come back after 2-3 years.

''can very likely be a major correction of the overall bear market'' Overall bear market by what standards? Overall it's a bull market and it has always been, Bitcoin has been bullish since the beginning and the 1 year chart has always shown this, so no, it's not a ''correction''. You don't switch from downtrends on all timeframes to uptrends in all but the monthly chart and it's getting there as well.

[mikeywith]

@Whaleagent


1- learn how use the forum, qouting a whole post like that is annoying.

2- go open the charts

[JimboToronto]

You don't take profits by selling Bitcoin. You are taking your profits by buying Bitcoin.

Every dip is a chance to take profits by selling your dollars or other fiat currencies. Every time you invest your bitcoins by using them to buy dollars, you are risking them.

That of course is assuming any intelligent person would rather hold Bitcoin than mere fiat currencies.

[mikeywith]

That of course is assuming any intelligent person would rather hold Bitcoin than mere fiat currencies.

at some point you need to spend that BTC , let's face it, most people want to buy BTC for cheap to sell it for more fiat and that's all about it, in fact it's safe to assume that more than 90% of bitcoin investors think alike, buy low - sell high to make fiat. BTC is being treated like a cow that everybody wants to milk, those who are in for the long run and believe in the technology are very rare.

[El duderino_]

That of course is assuming any intelligent person would rather hold Bitcoin than mere fiat currencies.

at some point you need to spend that BTC , let's face it, most people want to buy BTC for cheap to sell it for more fiat and that's all about it, in fact it's safe to assume that more than 90% of bitcoin investors think alike, buy low - sell high to make fiat. BTC is being treated like a cow that everybody wants to milk, those who are in for the long run and believe in the technology are very rare.

I do believe in it as a tool for the future how exactly everything Will work out is still a question, in the mean time its normal people buying and selling making and losing FIAT, but @ the same time many of those using people also start to use BTC for transaction between them self and other BTC users, more of more people Will use it directly as money as well..... I know I do.

Of-course BTC is very young and just started with the amazing idea that it is..... slowely more and more Will get it and use it.... older people with 0-interest Will make place for younger on this earth and the younger are more interested in tech and sh*t.

I think as early HODLers we Will need to HODL on 50% of our stashes minimum for the real long term!
No greed for FIAT when not needed.

[mikeywith]

I think as early HODLers we Will need to HODL on 50% of our stashes minimum for the real long term!
No greed for FIAT when not needed.

Totally agree, i personally have a cold wallet for hodling only, i don't intend to touch for years to come, at the same time i know i will only live for x amount of time before i won't be able to make use of neither fiat nor btc, this exact reason is why i trade btc for fiat when the chance presents itself.

[iqlimasyadiqa]

I wake up this morning and when I tried to refresh my wallet, I findout that bitcoin has lose over $700 from it high of yesterday! Immediately,  "this thought come into my mind, don't be afraid,  it is taking profits time", new confident come into my mind and I developed another hope that bitcoin is far strong now,  better and menture now than in 2017. I will like to encourage us to keep holding and buying more at this time as bitcoin is on the way to the moon! Though, "this is not a recommendations for you to make investments decision"!

Take it easy because the increase and decrease will always occur, look at the price of bitcoin at this time, it proves the price is increasing so now in my opinion that the price movement of bitcoin is in a good phase and we must be able to use it. a small decline in prices will not be a problem because the opportunity for development towards a much higher price is still very open. bitcoin is the future so don't ever hesitate to invest in bitcoin to give us a bright future !!

[Bagaji]

I will like to encourage us to keep holding and buying more at this time as bitcoin is on the way to the moon! Though, "this is not a recommendations for you to make investments decision"!

If this is not a recommendation for one to make an investment decision then why do you have to make recommendation for people to keep holding if you are sure if what you are advising people.

[Bagaji]

You don't take profits by selling Bitcoin. You are taking your profits by buying Bitcoin.

Every dip is a chance to take profits by selling your dollars or other fiat currencies. Every time you invest your bitcoins by using them to buy dollars, you are risking them.

That of course is assuming any intelligent person would rather hold Bitcoin than mere fiat currencies.

Since some of make use fait currency as compared to crypto currency I believe my own interpretation of one taking profit will be contrary to your submission above.
Take for example, if I earn 0.03btc from participating in a signature campaign or bounty campaign and is equivalent of let say $300 and I hold for two weeks, and the dollar of the said Bitcoin increase to $400 and sell the $100 on top have I to take profit? Although, the quantity of my Bitcoin has reduced but still the same dollar value of $300.

[2chase]

To continue to buy Bitcoin now is only for those investors who have real long-term plans and are willing to wait at least another half a year, or even more. For those who want to get short-term profit in a short time it is better to wait - maybe they will. the opportunity to buy bitcoin is much cheaper in a couple of months.

[Moiyah]

I wake up this morning and when I tried to refresh my wallet, I findout that bitcoin has lose over $700 from it high of yesterday! Immediately,  "this thought come into my mind, don't be afraid,  it is taking profits time", new confident come into my mind and I developed another hope that bitcoin is far strong now,  better and menture now than in 2017. I will like to encourage us to keep holding and buying more at this time as bitcoin is on the way to the moon! Though, "this is not a recommendations for you to make investments decision"!

No need to panic now and we are at better stage compared to the lowest bottom based on that we have good profits even at the current price as well.DOn't be too greedy and also don't be a hit and run trader just aim for the long and high profits.

Right. Though I cashed out some before the huge dump, I still have a bitcoin balance in my wallet. Keep hodling is the best way and the safest move right now. We can get back what we lose and will still recover from this stage. This is crypto world anyway, we may be lose but will still gain some profits when we patiently hold.

[FanEagle]

I wake up this morning and when I tried to refresh my wallet, I findout that bitcoin has lose over $700 from it high of yesterday! Immediately,  "this thought come into my mind, don't be afraid,  it is taking profits time", new confident come into my mind and I developed another hope that bitcoin is far strong now,  better and menture now than in 2017. I will like to encourage us to keep holding and buying more at this time as bitcoin is on the way to the moon! Though, "this is not a recommendations for you to make investments decision"!

Like that disclaimer. Because we're here only to speculate and not forced or suggest someone to make an investment. It is depend on each person's research and analysis by themself. Bitcoin maybe still on correction and it might be recover again.

What happened to bitcoin recently is not a strange thing to me as I expected it to happen exactly the way it did, so I am not afraid of the event because I am sure that bitcoin will recover again, that is why I don’t listen to much of people’s opinion, we all have our investment decision to make and it is better we are responsible for the outcome of our decision rather than making another person responsible for it.

I have made my decision to be a long term holder, and no matter the dip or increase I see now, it won’t really move me to taking any action until the bull run gets to its peak which should be the time we will see this new ATH.

[arpon11]

To continue to buy Bitcoin now is only for those investors who have real long-term plans and are willing to wait at least another half a year, or even more. For those who want to get short-term profit in a short time it is better to wait - maybe they will. the opportunity to buy bitcoin is much cheaper in a couple of months.

A good advice but not good for risk taker and you should know that only the risk taker make better life in future. speculators and fearful mind has warn us in early 2017, when the last strong bullish trend we witnessed happen that bitcoin is not going to grow above $1000 and it is going to dump back to somewhere around $300 but the opposite really happened and those that has the mind of buying then and hold  till end of that year really make profits that up till now they are still enjoying the great wealth they have made. Likewise, if you can take the risk of buying now and by the end of this year bitcoin grow to somewhere around $50,000 you will be in a good profits.

[Whaleagent]

@Whaleagent


1- learn how use the forum, qouting a whole post like that is annoying.

2- go open the charts

1. I don't need to, the quote is fine like that

2. Which time frames have you checked exactly? Bitcoin is in an uptrend on the daily chart, weekly chart and yearly chart. The monthly chart is almost there too, agan, by what standards are you calling it an ''overall'' bearish market?

Also the volume is much higher now than ever.

[mikeywith]

1. I don't need to, the quote is fine like that

Quoting a 10 lines long post is stupid and annoying , i am trying to teach you on how to improve your posting style , if you refuse to learn, you will always remain a newbie, it is up to you  

2. Which time frames have you checked exactly?

For a market to be called "bull" it must make both higher highs and higher lows, the 8.5k high must be closed above , retested and not closing below, at this point btc is making higher lows and lower highs, it is more or less in a side ways market now, just because it rallied over 100% it does not mean it is officially in a bull market.

[Tagus45]

The better the market conditions and holding will be a way to get a bigger profit, with crypto being volatile then the possibility of a decline will be there but also likely to rise again.

[Whaleagent]

1. I don't need to, the quote is fine like that

Quoting a 10 lines long post is stupid and annoying , i am trying to teach you on how to improve your posting style , if you refuse to learn, you will always remain a newbie, it is up to you  

2. Which time frames have you checked exactly?

For a market to be called "bull" it must make both higher highs and higher lows, the 8.5k high must be closed above , retested and not closing below, at this point btc is making higher lows and lower highs, it is more or less in a side ways market now, just because it rallied over 100% it does not mean it is officially in a bull market.

Again, which timeframe are you talking about? The daily chart has been higher highs and lows for over 1 month. The past 12 weeks all closed with a higher low and most with a higher high as well. I don't know at what chart you are looking at but it's not the same as mine. My charts show a strong bullish uptrend.

[STT]

Here this chart is bearish short term I think.    The blue line is 2 day average which we have consistently failed to break away from, showing a capped range.

Then the yellow line is the 8 day average price which has been some support but failed, possibly the 2 day showing it would fail to hold this eventually.

[leowonderful]

Looks like attempts to break up from this range have failed so far and a further breakdown from this range could be on the books, though it seems we've bounced a bit from around $7500 on Bitstamp and the fall's stopped for the moment. Hard to tell what's going to happen next at the moment, though I would say there's a chance we could eventually return back to $8K and perhaps break through again as well. Added a bit to my own long in the $7600s, will see how this plays out.