[Vlog] Bought the bitcoin dip at $8k, Now the waiting game begins

in vlog •  9 months ago

So yesterday was another dramatic day for bitcoin. Today's blog (which I recorded last night) I discuss buying back into Bitcoin.

Heads I win, tails I win

The reason why I take profit is for days like yesterday. As discussed in a previous blog post, I like to sell a small percentage of my bitcoin as the price doubles. Psychologically this suits my personality.

If bitcoin continues going up I enjoy the gains with the bulk of my holdings while having fiat to diversify with or spend.

If bitcoin drops I get the option of buying back in and either increasing my bitcoin holding or locking in fiat profit.

Here we go again

This 'crash' reminds me of the last time I bought the Bitcoin dip. It was around the time of the Jamie Dimon/ China Banning bitcoin FUD.

Bitcoin dropped from $4k to $3k, it felt like a market overraction to news. Having taken profit at $4k, I couldn't resist the temptation to buy back what I'd sold. One of the good things about buying back is that you get a good feel for where the resistance ponts are. So rather than selling at $4k when bitcoin rose again, I took profits at arouns $5k.

When bitcoin first hit $8k, my next profit taking milestone I rode the uptrend ans took profit at $11k. Sentiment was such that it seemed certain bitcoin would break $10k. I was more disciplined with taking profit at $16k as $32k (my next profit taking target) seemed extremely headed territory indeed!

I wanted to buy the dip to $11k in December however I was in India. It may have proved a blessing as I've been able to buy a bigger dip. So just over $8k was my re-entry point.

Waiting game

Now I sit on my hands and my bitcoin bag. If it goes up quickly, great. If it goes sideways or down slowly, I'm prepared to bunker down and ride it out for 18 month, 2 years if I have too, like I did in 2014. If it crashes further, saybto $4k I'll take a view on whether to buy even more.

The good thing for me is that there are ways to earn cryptocurrency, Steem is a prime example. There are also other projects that could potentially grow in fiat value even in a bitcoin down market. More importantly the downtrends are an opportunity to focus on the technology and potential contributions I can make to the eco-system. I tried to do it during the last bear market. I'll be in a far better position to add meaningful contributions in the next one.

Skepical Contrarian

When it comes to trading, I prefer making decisive moves or hedges around big events or milestone to day- or swing trading. Being a contrarian to over-zealous public sentiment has worked well for me. I'm naturally skeptical of the mainstream narrative as 90% of "news" turns out to be over sensationalised horseshit in retrospect. People will write or say anything for clicks.

For me as long as the fundamentals of the technology is strong I remain long term bullish. However I always hedge against short term exuberance as markets, like life, never progresses in straight lines.

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Waiting game for me is somewhere between 3-5 years. HODL

I love your analysis.
So wonderful to find like minds in trading.
I also take profits in bits but it requires a lot of discipline and alternate income sources to hold fiat till u get another entry point below where you bought initially.

This is one of the best philosophies of trading 'buy when others are scared and sell when others are happy'.

For those who are investors, choose an entry point and hodl. Never ever sell at a loss, u will be glad u did so in a few months.



You only loose when you sell! I'm a bit newer to the investing game so these types of scenarios are all apart of the lesson you need to learn.

@nanzo-scoop Great post and HODL on!! Follow me and as I like crypto also! Good luck and BTC to the MOON!!!

Great entry price, I bought too. Be prepared for another potential swing down though, this is a little different to the last few dips that quickly retraced. Like from 7.5 to 5 and 5 to 2.9. But the idea of buying the last big high in BTC seems to be holding.

Wouldn't be surprised if the markets try and stop out a bunch of longs sub 7.5k.

I'm long and strong my cryptos as well. It helps to have started buying in July, so that even when the market corrects, I still have a lot of profits. It must be a lot harder for newbies who are staring big losses in the face.

Buying back in when the fundamentals have not changed, is never a bad idea. These last few days really show the importance of taking some profits off the table every once in a while.

Take some profits along the way and build that opportunity treasure chest people!


I completely agree! It's hard to time the market, but it is still so critical to buy in at good positions. Buying in at good positions takes research, time and patience. But in my own experience you have more flexibility and are able to take advantage of selling and buying opportunities in crashes and corrections (doesn't mean I've done this gracefully every time though).


Definitely true @ronparlay!

I think we just all learned 12k are our base HODLrs, the rest are noob speculators. The base will grow, but I doubt it will go below 12k without something disastrous happening to the Blockchain.
People need to keep in mind all the ALT coins that are birthed from Bitcon, add them all up and bitcoin is still well over 20k. Bitcoin gives you gifts.

Wow! You're good at trading! I tried riding these waves and I just got dizzy.. Thanks for sharing very effective strategies. They all make sense.

Now btc touch 9.2K$


Same here. I got in around the same amount. If web bot from Clif High is correct....Happy Days.

A wide variety of acts in the bitcoin trading, but we have to be sure when you take keputusa, if we sell or buy any bitcoin bitcoin..
Never hesitate in acting ...
Thanks for sharing @nanzo-scoop

Great post, bitcoin is for sure gonna spike up very soon, cryptocurrency is the future! In my opinion the only reason it is volatile at the moment is because people are still learning about it and are not sure what it exactly is, including people in high places, but it sure will spike up and more people will join!

Great post. I'm going to follow you.

Patience required

Haven't watched the vid yet but I have to say what you wrote, man, I couldn't have said it any better if I had taken the time to try. It's rare to read something that completely lines up with the way I am thinking, even down to selling parts of your BTC when the price doubles. You're so well rounded in the way that you think about these things, you seem like a really level headed guy :)

good post friends, biccoin is now greatly decreased.

Smart witty move you took
It's gonna be a riding tour soon
Great step taken

Totally! I was expecting 8.5k to be the lowest but doesnt matter as we know where this is heading to. $9.2k of now and things are looking good, but i do feel we can see a bit more pullback to the 8k range again before the actual game, which looking at the previous year charts seems like April- May before we really take off.

You just spoke like you are @steevc, he blogged about the dip and said what matters to him is the healthiest of the system not the price.

I think the bloodbath is also some way to correct the market cause it has been abnormal since with the high prices

The drop is killing me .am hoping for the best cheers!!

Yeah with the reform on our tax system going online feb 1 we are back to the upside for everything not the dollar or equities.... gonna be that time but now normal people have a chance to make money on the banking system move back to asset backed reserve for trade great buy amd thanx for sharing

Riding The Wave Of Bitcoin, Ain’t it a Fun one?

be scared when others are greedy and greedy when others are scared. Nicely done.

Really i weating your post hear.your video is vary informative. Thanks for given next post.upvoated @nanzo-scoop

Steem is the best of digital currency i ever think of. It increases gradually to attract market value. If the value keeps increasing like this, i think steemians are on chance of making billions in time to come.

I love your analysis.It is wonderful to find similar minds in the trade.
I also take the profits in bits, but it requires a lot of discipline and alternative sources of income to maintain the limit until you get another entry point below the one you originally purchased.
This is one of the best philosophies of "buy when others are afraid and sell when others are happy".

For those who are investors, choose a point of entry and HODL. Never sell at a loss, you'll be glad you did it in a few months.
be happy @nanzo-scoop

#nanzo-scoop i have made a post on you if u dont mind kindly have a look at it :)

The first thing we would need is a good business plan. All busines owners know that a plan is the road map to success. A plan must include financial projections which is the goal of owning a business to take money.
Money is not the most important thing. But what is important is the Customer service, consistancy and making your customers feel they are dining at YOUR TABLE IN YOUR HOME are the most important things. What customers think about, say about and how much they enjoy dining in your rest. is the thing!! We should make our customers feel like home. This article is good because it give us some tips for our fellow steemians who is thinking to put up some business. :')

Hodl game on point!

Dear @nanzo-scoop
I become your follower and honestly love your blog!
Great work!

You did took the right decision buddy !There are people that took the right decision while it was in dip !

Incredible post, bitcoin is without a doubt going to shoot up soon, cryptographic money is what's to come! As I would see it the main reason it is unstable right now is on account of individuals are as yet finding out about it and don't know what it precisely is, incorporating individuals in high places, yet it beyond any doubt will shoot up and more individuals will join!

Lol. Exactly. Good buy, bro. Perfect win-win. HODL for as long as possible.

I agree, and using Steem that you have earned makes it even less of a gamble, because even if you lose some, you can make that money back by writing about how you lost it.

Your strategy is great !!

I need to learn something from you. Now this is called playing SAFE !! No chance of risk at all !! Only profits, whether it happens a few months later, but waiting is better then loosing it all !!

Thanks for informing us about this amazing strategy


Nice one

It is a bissniss game one time bitcoin touch the 16 $

You're a brave man! The overall markets have had their first correction in over 2 years. I'd expect more to come. Hopefully with the trust in the block chain people will start to migrate over to cryptos but it's really early to tell.

I tried to buy in - both bitcoin and steem, but I don't have an account anywhere to do it. I'm basically a native Steemian with no other cryptos anywhere.


Really interesting insights.

the downtrends are an opportunity to focus on the technology and potential contributions I can make to the eco-system

This is a great view to have at the moment, especially if your not a professional trader and just getting into this space.

@nanzo-scoop waiting game! Thats what need to be done! Good movement to buying at the dip. Btw did u have a chance to look at video from steemfest 2 https://steemit.com/steemfest/@mynewlife/steemfest-or-aftermovie-portugal-lisbon

You are very good leader continues. vote for me, I am new. follow me @saizor

@nanzo-scoop Dude, you are bang on the money with this post. I wrote a similar analysis earlier today about the FUD in India and came pretty much to the same conclusions as you. Do check out my post. Let me know if you like it. It happens to be my very first post on steemit though I have been in the crypto space since 2013. Keep up the good work.

I've been buying bitcoin too! :) Buy low! :P

I only buy Bitcoin for exchanging other crypto, not for investing (simply because I have a bad cashflow situation and can't afford to invest just now). However the slow confirmation times and increase in fees have put me off using Bitcoin as an exchange currency recently, and instead I use Litecoin.
Which makes me wonder if the slow confirmation times and fee hike is the real reason behind Bitcoin's crash. Maybe some heat needed to be taken out of the Bitcoin oven.
Having said that, I notice that it's already bounced back to $9.3k!

Very insightful would you use a set amount of your profit to buy during a dip or would you use it all and the Hodl?

Great solution! It looks like the latest bitcoin price has just been released this year!

I think you made a good buy. Definitely too early so we should not get overly excited but 8.000$ was definitely a good buying point.

I’m still relatively new to crypto but I am also extremely optimistic about it. I have had to walk several friends who bought in late December back off the proverbial cliff over the last couple weeks. While I am optimistic it is a little tough to be surrounded by the constant panic and anger expressed at me/the market by the people who begged me to walk them through buying. I’ve started to direct most of my energy into learning about Steemit in the short time I’ve been here. It helps me take my mind of the state of market :)

I do like the way you look at this whole 'game'. You seem so relaxed, although maybe you will also be (sometimes) awake at nights. I know from my son exyle that he has the same attitude concerning crypto. so I am glad I followed his advice and bought some Steem today with the profit I made by selling some SBD when it was 8 dollars.

One thing I did not do when my crypto stocks were at record high was to liquify into cash. This is where my problem started, I started losing and panick selling/ day trading. So I finally got to a point where there were some low value good projects I got my money into. Since then I have taken a massive hit on my money but I'm HOLDING until it comes good again

I hope btc wake up

You did the right thing, BTFD!

very good post, I really like about posting @nanzo-scoop.

Yeah I got in around 8,5 on this position waiting on my was not a full stack but a couple on the first decimal will hodl now until I am a big boi in this game

Check out my BTC HoDL video if you like


I'm in exactly the same boat. Let's see. If it burns out now i'm sticking with it for as long as I need to. Since i'm buying in thanks to steemit and steem dollars, I figured i'm not reaaaallly losing in any case. Thanks for sharing your thoughts on this! I heard you met my girl @ingaaa on Friday at the meetup!! I'll be back in London soon and hope to catch up with all your guys at the next meetup!

Good day @nanzo-scoop. Thank you so much for announcing me one of the winner of the tuesday/Wednesday soccer sweepstakes, but please I have not gotten the SBD. Please I wanted to know if the fault was from my end. I would be glad if you looked into this matter. Thank you.


I have received the SBD, thank you very much @nanzo-scoop

theres absolutely no regret in investing all my assets in steem...thanks for this post @nanzo-scoop

I like your strategy, but do you really think that bitcoin has a chance to rise so high again with its slow transactions and high commissions? Perhaps this is his final fall, and it's time for alternative currencies?

This is an amazing way of earning from bitcoin, buying when it drops in price and selling when it goes up.
And another thing

The good thing for me is that there are ways to earn cryptocurrency, Steem is a prime example.

Exactly, I believe steemit is a blessing to the whole cryptocurrency people.
You just have a means of getting capital for continuous trading.

"I'm naturally skeptical of the mainstream narrative as 90% of "news" turns out to be over sensationalised horseshit in retrospect. People will write or say anything for clicks.

For me as long as the fundamentals of the technology is strong I remain long term bullish. However I always hedge against short term exuberance as markets, like life, never progresses in straight lines."

Your last few lines said it all :)

Thanks for the vote of confidence! I believe in the tech too.

Hey, weeding out the weak hands anyway right?

Is bitcoin still able to believe @nanzo-scoop ..?
The market price this month is very worrying for the future ...

Man when Bitcoin made a 19k run, I put a buy order for when it reached 10k. Totally forgot about it until I started noticing Bitcoin price was going way down. When I tried to buy around 7500k I saw that I had already purchased it lol. Like you said, now it is a waiting game!

According to the firm Autonomous Next, the number of hedge funds investing in digital assets like Bitcoin has grown rapidly to more than 100. Since the launch of Bitcoin Futures on the Chicago Mercantile Exchange in December 2017, it shouldn’t be a surprise to anyone why the price of Bitcoin is down 50% from the high.


Only Retail Investors chase price and buy high and sell low, while the Professionals buy low and sell high. The Hedge Funds have purposely sold Bitcoin futures to get in a better price.

At the moment, there is a war taking place between the buyers (Hedge Funds) and the sellers (Retail Investors) called capitulation. That line in the sand was at $9000. Capitulation is when investors give up any previous gains, by selling, in an effort to get out of the market. Capitulations are outcomes that result from the maximum psychological and financial pain that can be endured by a group before throwing in the towel. The Retail Investors are throwing in the towel after seeing a more than 50% correction in the Bitcoin price to the buyers, the Hedge Funds. With 100s of millions of dollars to invest, we are witnessing an accumulation phase by the Hedge Funds between $6000 and $9000.

The Hedge Funds are loading up and buying from the Retail Investors. But to fill all their buy orders, as the sell orders dry up, price must go down to the next stack of sell orders. We are approaching what I believe will be the bottom of bitcoin at $6000. My first target is $12,000 and my second target is $17,000 over the next 3 - 9 months.

The easy money has been made over the last 12-18 months. With the big boys in the game now, the rules have changes. The question is, are you ready to play to win with a new play book?

This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.


"I like to sell a small percentage of my bitcoin as the price doubles."- good advice man, thanks for sharing. Nice to meet you! New here, glad I found you!

Also, what were you doing in India? Going just for fun? Or did you go to the Steemit meetup? I love India! Had a great experience there

excellent analysis and those of us who are barely breaking into cryptocurrencies this blog teaches us some tips, thanks for such a valuable contribution, and for taking your time to share it.

I am afraid we won't have much fun in this waiting game. It is a rather dull games. However, stakes are high! ;)
CU, Chris aka smallstepschange

Lucky for you you were able to invest that big an amount. I am too afraid to put that much money in. I only invest like few hundred PHP and see where that takes me. Haha.

I'm also waiting to see what happens. I'll be happy enough even with the small amount I put in. At least I will still get some out of it. :D