RE: Is Bitcoin Still Bullish? Where Does it Make Sense to "Load Up"?
Well, I know I'll be buying there, as I already have the bid set up through my broker.
That said, I'm not going to throw my whole wad at it, cuz I wouldn't be the least bit surprised if price fell through that "wall" like a hot knife through butter, especially if a bitcoin hard-fork happens around that time.
As it stands, I have bids through the 1800's, 1600's and 1200's and I don't plan to go back and fidget with any of them. I DON'T have stops in place on any of those trades, btw.
I'm still in profit on all of my original bitcoin position, most of which I bought when it was ranging between $200 and $350. My highest buy was at $2200, but that was for only 1 BTC. My next lowest buy to date was at $1600 for something like 3 BTC. After that, I don't think I have a buy above $750. I longed over 30 BTC from the $200 ~ 350 buys (first sell came in above $750), just to give you an idea of where I am in terms of overall profit.
Imo, every single one of your buy points will be taken out with lower prices over time as China begins to implode and gives up on manipulating bitcoin prices and moves to the "safety" of the U.S. dollar and govmint debt assets. You do realize that it is likely China that is manipulating the price of bitcoin at least...I hope. :-)
Maybe. Or maybe they'll never get executed because price explodes from here.
Manipulation occurs everywhere that the human hand touches, so, yes, I do realize that. Manipulation isn't a problem for me, I just want to profit with the manipulators!
I don't pretend to know where bitcoin is going in the short or long-term, but I know what's worked for me in the past and that's what I base my decisions from. If I'm wrong, I'll take losses on these small positions but I'll still pull a nice profit overall, since I'm riding on free bitcoin -- 26.5 free bitcoin, to be exact :)
All this being said, I would likely play this situation the same, with or without a prior, very profitable position, I'd probably just go a little lighter on what I buy and wait for signs of confirmation (of new uptrend) before I'd consider adding to that position.