As others have said, if you panic sell at the first sign of trouble then speculation / trading game is not for you!
Question you need to ask yourself is, can I afford to lose my btc investment? If the answer is no, then you should not be in this game and protect yourself by cashing out in case things go badly. No one knows the future, and money put into investments should never be the 'rent money'.
If the answer is yes you can afford to lose 'all of your BTC investment money', then you can
also afford to
hold until you think is worth cashing out and try not to panic sell and just wait to see. Not until its converted or spent for stuff is it actually 'lost' in the sense that
most of us have about BTC right now.
I will be holding my coins because:
people talk a lot about what is happening, but i look at market cycles. Unless BTC is fundamentally flawed (we all know its not) or will somehow be killed off (gvnt isnt that organised, and technically it's pretty hard to do that) then the market will go through these crazy cycles in the first years no matter what happens in the news. Since most of the world does not yet use BTC, then as new markets move in, so do new buyers. The rate of new buyers will exceed sellers once we break into a new market (like China last year).
Imagine what the price would be once SAmerica, IndoAsia and AFRICA start to jump on board. Since this hasnt happened yet, I think we are still on the 'initial' stage bull trend. I think about <1~2% of the world uses BTC or is aware of it right now, thats still
a lot of upside potential to come...
Anyway, my technical 'price action' logic is (while on bull trend) price sets new higher highs followed by higher lows, then higher highs then higher lows etc etc in its
upward cycle. So, $1 low to $15 high, then $6 low to $250 high, then $50 low to $1200 high, then $400 (or 300 or 200 take your pick) means a new high of....
SO - as long as, on this current low price (happening now), we
dont go below 50$ (the last low price before the last high price of 1200) then we are still on bull trend:) Considering how much of a jump there was between the last low to the next high, then the next low to the next high etc. The next high should be at least equal to the last high:
my bet is we go down to 350 now (maybe even 250), then up to 800 by xmas. if Argentina jumps in, then 1500. If we get lucky in the next 8 months and some African nation jumps in, then new high of 2000 is my target:)
If it does drop a couple of hundred to 250 (or any time after you buy in ) and you now consider this as 'lost' then you kinda have lost already. But its not really lost until its "cashed out" as i mentioned, and we see what impact the new markets adopting has and we still stay above the last low of 50$...
So anyway, THE Question is can you afford to lose the money
if this does not happen, and if so - can you afford to WAIT for it to happen? Just remember, as long as the last low is not broken then keep the ratio of the difference between the successive lows and highs and think what will logically happen next considering the rate / amount of WWide of adoption right now? That is all you can do, weigh probabilities, no balls of crystal needed, only steel.
Edit1: Sorry for repeating myself across threads, but Im tired of seeing all this panic spreading / selling. As a buyer/bull of BTC I have a vested interest in seeing the price go up, as do many of us - 75% of those calling doomsday prices are
buyers waiting for better prices by spreading panic - there can only be a buyer at low prices if there is a seller (there can only be winners with losers). Dont be one of the sell low panic victims!
Edit2: my BUY order just filled @450. I remain long to $1993.00 assuming this trend continues. Thank you to the panic seller(s) that gave me the liquidity.
If it drops below $50 I will then sell at $450 and break even (plan subject to change depending on new market adoption impact).
