Quote:
Originally Posted by Thor
So my best friend in Iceland is determined to buy some BTC.
So should I tell him to buy at this price, I am weary, or go with ETFs..?
Anyone have any recommendations.
|
I think he/she needs some sort of reason to buy. There was a reason to buy at 8:35 am on Feb 14. I think it's more likely to go down a bit from here. Probably consolidate a bit.
If GBTC spends a few low volatility days around $20 I would look to buy if it makes a strong move above $20 and some of my other criteria is met. That was the plan last week, bought after a strong move above $15 after some low volatility around that level.
I think your friend is probably just scared of missing out. FOMO usually happens when something is driven up by emotional buying and then everybody reads about it in the news and piles in at the very top. Your friend has waited out the big drop which is good but I also think the easy money has been made. From here I doubt you'd see a massive move up again like we've already had. Always possible and worth watching with some sort of strategy in mind.
In general, Bit's controlled by traders much more skilled than us. We are small, small fish waiting to get chopped up into little bits...aka Chum.