You know what, had set aside around $2.5k when requesting a withdrawl from my exchange - and then actually bought back some bitcoin last night, after noticing that the price was starting to rise ... it looks like had $2519.86 total left in my account?
So was back into bitcoin to experience today's volatility - what a strange drop there around 5:30pm today
Wonder if maybe those big drops are someone selling big amounts every time the price hits a new high?
Did that review of past price swings for the last couple of years, and it seemed like most of bitcoin's big movements have been caused by events? Like the announcement of a fork, the cancellation of a fork, a crackdown in China, an expansion from Wall Street, etc. So maybe profit-taking may be something of a newer trend? Especially since the price has gone up so fast - maybe there's quite a few of us wanting to rebalance our rolls, and pocket a little profit along the way?
Am relieved to see a fast recovery happen again like it did the last time there was a drop a couple of days ago - the technical analyst on youtube was saying the recoveries show a lot of strength, like there's no shortage of people looking to buy up more when the price goes low. So even if people are starting to sell some of their bitcoin, hopefully it's true that there's more who are still looking to buy - maybe some people are even using limit orders to buy during dips?
Wonder if this may become the new normal for bitcoin, with the price continuing to hit new all-time highs, only for there to be sharp drops of over $1k - with fairly fast recoveries? Unless the price stays around $12k for a while?
Am not sure what price to set my stop-loss at - wanted to set it high so will not lose too much money if the price drops a lot really fast ... but maybe not so high that it sells low, only for the price to go right back up? doh'! Wonder if US$9.6k might be okay? Or too high?? US$8.6k??
Bitcoin may be the new poker - a hard way to make easy money
GL to all of us with our crypto!!
Last edited by TrustySam; 12-04-2017 at 02:17 AM.