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RE: Is this the long-awaited Bitcoin 30%+ retrace as price crashes $2000 in minutes?
Hey @julianhorack! ((:
At the point of writing, I do not have any BTC (sadly...).
I have been wanting to buy in - definitely felt lots of pressure from the FOMO (BTC shooting to the moon, you're missing out!) but held back buying as the price was above $10K USD.
I am waiting for a retracing. Any thoughts? ((:
Hi Joey, Bitcoin may well retrace, but have far is hard to say, so I would start dollar cost averaging in, which means start buying in little by little, not all in at once. For example on the one day chart of Bitcoin the 21 EMA moving averages is at $10 000, that would be a good place to start with 50% of your capital. Then the 50 day MA is just below $9 000 at present. The chance of price going that low is smaller, but still possible. You could then buy in there with 40% of your capital, if price falls lower than $10 000. Set a buy order there and wait to see if price falls to meet it. It may even wick down very briefly and still catch your low order conveniently. There is also the very small chance that price falls to $7 000, which is the current 100 day MA. if price only falls as far as the first support at $10 000, and continues upwards, then don't worry. Even buying in at $11 000 on the way up is fine, since price is going to $50 000 or $100 000 in the next two years so that's fine. This is not financial advice but is just an idea I have picked up along the way.
Even if you go all in at $10 000, that's fine too, though it may drop lower, so with Bitcoin we can't ever be sure or catch the bottoms, therefore we use dollar cost averaging as a strategy just in case it does go lower than we expected.
Thanks for this advice!! I have been watching some youtube channels about bitcoin and they also advise dollar cost averaging instead of chasing the price ((:
I also believe it will go up to $100,000 in the future!
well done, I learned most of my info from youtube videos.