Purchased at $23,500, when should I start to panic? When should I average down?

[Mahanton]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

Either you are new to this Crypto industry or really impatient dude.
I mean what’s the use of panicking? It’s normal Bitcoins to fall in it’s price. If you don’t know how the market works then better you should avoid money investments.
You are fearing and that too when you have BTC in your wallet. Just do a quick search on the internet about the marketcap of Bitcoins. That is enough to prove Bitcoin’s power my friend.
Just don’t panic always. Hold the coins for at least a month and then see the profits.

Obviously, OP is not really much aware about the high volatility of bitcoin. One day, you’ll see it’s moving up, the next day you’ll be surprised it’s now falling down. So never expect for bitcoin price to stay on top all the time. And I don’t think resorting into panicking will ever help you, it will only make you develop more fears and doubts on bitcoin. Instead, learn to be more patient and hold more, and in case bitcoin price drops more, just focus on buying so you can reap huge profits when bullish season comes.

Even if he was aware of the volatility of bitcoin it is completely different to read about something than to experience it, it is very easy to think that you will be able to deal with the volatility of bitcoin but it is when you actually have to see the value of your investment going down when doubts begin to surface, I hope the OP does not sell for a bad price as he has bought his bitcoin at a decent price and the only thing he needs to do to obtain some huge profits is to hold his coins for a few years.

When emotion do kicks in then this is something a really very hard to control even if you are really that aware on how this market behaves which we are just humans which it is normal to have these kind of reaction
whenever we do really experience these sudden declines.If you are on a situation which you had just recently bought and then the price dips even more then it would really create that kind of feeling which you
would really that panic.Asking out whether you would DCA or would just simply sell for cutting loss(which is a decision to make).Its better to hold no matter what because those negative numbers arent still realized
which means that you arent still losing money since it was never been sell which does simply imply that accumulation in much cheaper price is suggested.

[STT]

Bad falter so far, we are constrained by the 2 day average the only hope is that weight is lifted and we surface higher like a submarine blowing the ballast tanks :p    However we have dipped below various measure of support today and it looks poor, but sure enough we stuck to this MA ceiling as a measure like a fly upside down hence perhaps  it is short term as a 2 day average might well be.
  18973 is midway between most negative yesterday and the high at night, needs to break the negative soon.

[btc78]

if you have bought Bitcoin at a price of $23k, of course that should be a concern,
because right now the crypto currency market sentiment is very bad, and maybe the Bitcoin price dump is below $17k again,

while it is true that this should be a concern yet expecting the price to fall that bad is too soon . imagine that the lowest price this yeah is 17k and you want this to fall down more ?
maybe this is an overstatement for now till it happens.

in my opinion, just put a stop lose, if the dump is below $17k and the candle closes at the end of the month shows that,
then I'm sure a more severe dump will occur

exactly , but I think this is far late? as he had put a stop loss when the price is still at 20k above and not when this low already at house?

[Baofeng]

Bad falter so far, we are constrained by the 2 day average the only hope is that weight is lifted and we surface higher like a submarine blowing the ballast tanks :p    However we have dipped below various measure of support today and it looks poor, but sure enough we stuck to this MA ceiling as a measure like a fly upside down hence perhaps  it is short term as a 2 day average might well be.
  18973 is midway between most negative yesterday and the high at night, needs to break the negative soon.

We may have to wait for next month tough, at least in the first two months and see if we can break past $20k. Currently and leading to the end of the month, we're lucky if we can get back to $19k. So I guess the OP is still in panic mode because his portfolio is losing in value.

Nevertheless, this could be a great opportunity for him to really know how the market operates in bear market. You buy during dips and just continue to DCA as long as you have the money to invest. And in the future he can go back to this thread and says the did the right thing.

[Vinaa77]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

At the price of $ 18k you can increase the amount of Bitcoin balance. Then you sell at $20k, and buy again at $18k. In no time the loss amount you bought at $23k will be covered by the balance you bought at $18k. But don't sell all of it, just hold some of it until the Bitcoin is actually pumped.

[Rana590]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

At the price of $ 18k you can increase the amount of Bitcoin balance. Then you sell at $20k, and buy again at $18k. In no time the loss amount you bought at $23k will be covered by the balance you bought at $18k. But don't sell all of it, just hold some of it until the Bitcoin is actually pumped.

It is true that this time isn't perfect for selling. It is time to increase our portfolio by buying more Bitcoin. I hope Bitcoin will rise to grow again within short possible of time. I'm expecting that we will be able to cut good amount of money in the early November if we buy Bitcoin at this current stage.

[BITCOIN4X]

You thought right.  I would say if you can invest in Bitcoin now then you will be better off.  Bitcoin price will increase in coming days so seize the time now without delay.  Now is the right time to invest in Bitcoin.  I think. But as the price of Bitcoin increases, so will the price of all coins.  So it will be better if other coins can be bought along with Bitcoin.

Invest wisely, you don't need FOMO because prices are currently low. You don't have to feel left out to invest because all decisions must be thought out wisely so you shouldn't ignore the risks.

Investment now or later does not matter because the actual price of bitcoin will still fluctuate. It's just that it might be good to think that now is a good time to buy and accumulate bitcoin as the price is still at 70% below ATH. I will be placing more bitcoin during this bearishness in the portfolio, this will provide many opportunities to take profits when the market recovers.

[bestcoins1]

You thought right.  I would say if you can invest in Bitcoin now then you will be better off.  Bitcoin price will increase in coming days so seize the time now without delay.  Now is the right time to invest in Bitcoin.  I think. But as the price of Bitcoin increases, so will the price of all coins.  So it will be better if other coins can be bought along with Bitcoin.

This other coin should really be chosen wisely too in my opinion, because not all other coins besides Bitcoin can be good when the price of Bitcoin starts to increase. Let's say in general the top 20 coins in order of cryptocurrencies are good ones to buy at this point, but I've seen Bitcoin more often than not as my first point of reference when buying another coin. Because other coins still have an influence on the movement of the Bitcoin price, so putting more money into Bitcoin is still a very good choice in my opinion than more into other coins.

[Kelvinid]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

Not that I think it was a big mistake that needs to regret but it was accepted being in the wrong timing because we never know if the market will pump after buying. Because even if you are good in TA, sometimes you fail and this means that the market is unpredictable. You will just get worried if the price of Bitcoin will reach $10k but as it was still above it then, I suggest make yourself calm and have some space in crypto. Better not to think about your investment as this time as this will certainly bothering you and might think about selling which could make you lose.

[darewaller]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

Not that I think it was a big mistake that needs to regret but it was accepted being in the wrong timing because we never know if the market will pump after buying. Because even if you are good in TA, sometimes you fail and this means that the market is unpredictable. You will just get worried if the price of Bitcoin will reach $10k but as it was still above it then, I suggest make yourself calm and have some space in crypto. Better not to think about your investment as this time as this will certainly bothering you and might think about selling which could make you lose.

I agree, there is a good chance that we could go back above 23.5k very soon, I feel like we already reached those levels since OP started right? I mean it feels like it did reach those places. At the end of the day bitcoin is a volatile thing and but we shouldn't be really worried about the current situation, just look at the volatility and how it could get you to a higher level and that would be something profitable for all of us.

I want it to be something good and as long as it is good, we should not be worried because bitcoin has never let us down. If you are ever worried just look at the past crashes and how all of them recovered after a while.

[Ziskinberg]

If we are just about to get panic after investing in Bitcoin, it is supposed we don't try it. I assume that you are already aware OP about the volatility of the market which we sometimes experience declines and abnormal market trends. As you are here, better make clear of yourselves and get ready to face such changes. The market will dump but it rises back naturally. If we can manage to hold our coins, no losses will happen to us.
That is why practice yourself OP to be strong and make a habit of it. And manage to control your emotions.

[YOSHIE]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

I often tell crypto users in the speculation section, the current crypto market is a little difficult to predict, especially Bitcoin, we are all aware Bitcoin goes down and up all the time, the problem is the lowest Bitcoin price.

However, if the current situation, I can say, maybe right now it's better to have two factors in investing, this is so you don't panic.
What I mean: you must have a goal of the final price of your investment to determine the price of Bitcoin in the future, for example: buy for $23k aim to sell for $50k in a certain time, another thing is don't buy Bitcoin all your assets at the current price, buy half and buy again when Bitcoin is really cheap, according to your beliefs.

[buwaytress]

It's been said before but I always find it worthwhile repeating often: DCA. It's dumb, it's pain free, it gives you absolute freedom to go about your life and make yourself useful without getting lost in the panic of speculative markets, most importantly, it works.

23k to 18k, that's really nothing. If it makes you panic, or think of panicking, highly recommend getting out now and save yourself some worry. Just deal with the regret at next ATH

Of course, not coming back here since you posted, makes me think... liessss *hiss*

[Oasisman]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

At the price of $ 18k you can increase the amount of Bitcoin balance. Then you sell at $20k, and buy again at $18k. In no time the loss amount you bought at $23k will be covered by the balance you bought at $18k. But don't sell all of it, just hold some of it until the Bitcoin is actually pumped.

This might work, but no guarantee. In fact it might only get complicated for the OP's position, because he is even worried about the $23k buy and then you need a separate fractions of Btc to cover the loss? No, it's not even a loss as long as he's not selling any of those he bought.
DCAing would definitely work for him. Buy at any given entry points. Don't chase for what you think your loss, let Btc cover it for you, look at the historical data and calm yourself down.

[waONE]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

$23k to $25k is not a problem because in my opinion that price can still be achieved in the short term,
especially if you look at the data for October bitcoin is always bullish so there is a possibility that $25k can be reached again next month,
just hold on and don't sell cheap if you don't want to regret.

[wxa7115]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

$23k to $25k is not a problem because in my opinion that price can still be achieved in the short term,
especially if you look at the data for October bitcoin is always bullish so there is a possibility that $25k can be reached again next month,
just hold on and don't sell cheap if you don't want to regret.

It is important to try to not create expectations that are out of place for bitcoin, while October has been historically a good month we know this has no effect at all on what it may happen next, and it is possible that at best we could move sideways during the upcoming October month.

So it is important to keep our expectations in check, that way if things take a turn for the worse we will avoid panicking and selling our coins for a bad price.

[TravelMug]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

$23k to $25k is not a problem because in my opinion that price can still be achieved in the short term,
especially if you look at the data for October bitcoin is always bullish so there is a possibility that $25k can be reached again next month,
just hold on and don't sell cheap if you don't want to regret.

It is important to try to not create expectations that are out of place for bitcoin, while October has been historically a good month we know this has no effect at all on what it may happen next, and it is possible that at best we could move sideways during the upcoming October month.

So it is important to keep our expectations in check, that way if things take a turn for the worse we will avoid panicking and selling our coins for a bad price.

Historically in bear market, even October is one of the worst. So I wouldn't put too much expectation next month, it will be flat again as I expected. Not that I'm negative about it, but that's what happen in a bear market. When we expect that the market will have some good month, it will turn on the opposite.

And with that, I do agree that it's important not to put too much expectations this month as well. $23k->$19k-$20k might be as bad as in the beginning. Nevertheless we can't do anything but to wait till the price bounce back to even levels.

[Kelvinid]

snip~

Not that I think it was a big mistake that needs to regret but it was accepted being in the wrong timing because we never know if the market will pump after buying. Because even if you are good in TA, sometimes you fail and this means that the market is unpredictable. You will just get worried if the price of Bitcoin will reach $10k but as it was still above it then, I suggest make yourself calm and have some space in crypto. Better not to think about your investment as this time as this will certainly bothering you and might think about selling which could make you lose.

I agree, there is a good chance that we could go back above 23.5k very soon, I feel like we already reached those levels since OP started right? I mean it feels like it did reach those places. At the end of the day bitcoin is a volatile thing and but we shouldn't be really worried about the current situation, just look at the volatility and how it could get you to a higher level and that would be something profitable for all of us.

I want it to be something good and as long as it is good, we should not be worried because bitcoin has never let us down. If you are ever worried just look at the past crashes and how all of them recovered after a while.

Precisely, there is success if we are too impatient and worried about every drop that we see. As the market prices keep on changing from time to time, we gonna expect such a terrible drop but because we trust Bitcoin and we know the capability of this project to recover, nothing we have to think about it. I think, even 100 years from now the same story we are still able to hear - worries are still in our minds if we keep thinking about the negatives. It is a need for us to change and OP must have to stop bothering himself because of the drop or else, emotions will tend to grow fast.

[posi]

I think I made a mistake buying at $23,500 (obviously), so when should I really start to panic now that we dropped to $18K?

At what price point now should I consider to add more to average in at? Like, if you owned a bitcoin at $23,500, would you wait for $10K or 15K to start adding more to average in your high price of $23,500?

$23k to $25k is not a problem because in my opinion that price can still be achieved in the short term,
especially if you look at the data for October bitcoin is always bullish so there is a possibility that $25k can be reached again next month,
just hold on and don't sell cheap if you don't want to regret.

It is important to try to not create expectations that are out of place for bitcoin, while October has been historically a good month we know this has no effect at all on what it may happen next, and it is possible that at best we could move sideways during the upcoming October month.

So it is important to keep our expectations in check, that way if things take a turn for the worse we will avoid panicking and selling our coins for a bad price.

Historically in bear market, even October is one of the worst. So I wouldn't put too much expectation next month, it will be flat again as I expected. Not that I'm negative about it, but that's what happen in a bear market. When we expect that the market will have some good month, it will turn on the opposite.

And with that, I do agree that it's important not to put too much expectations this month as well. $23k->$19k-$20k might be as bad as in the beginning. Nevertheless we can't do anything but to wait till the price bounce back to even levels.

We should not set too many expectations to avoid being disappointed too much later, but we as investors should always have an optimistic spirit, sometimes optimism will bring us excitement and stay awake to hold bitcoin. For me, October is usually a better month for the market, I do not dare to confirm that this October, the market will be filled with green. But personally based on my analysis and a little bit of emotion in it, I believe we will have some rally in october and the price can go back to previous $25k to 30k la when there are more declines.

[mich]

Well since I think we are in a Bear Market but I still think it’s very likely that BTC will continue to rise until the end of the year you are in no need to start to 'panic'.  What I tell myself is only time to panic when we see a price point of below 15k which has not been seen yet.
If you are one to HODL your BTC and not sell them for a quick profit you will be ok in the long term if you do not 'panic sell'.  Just dont look at your wallet thats what I do when I am being stressed from the price drop.  It will go back up we all know this.