1/ $BTC is dipping. I see a lot of degens are trying to pick a bottom and go all in. That's not how you buy the dip. Everyone tells people to #buythedip, but nobody explains how. This is how I buy dips on #bitcoin and all my #alts.
2/ I always keep a healthy dip fund so that I can buy major dips like this one. Imagine my dip fund is 50k and I want to buy 5 cryptos in this dip, I dedicate 10k to each. You could dedicate more to one or less to the other. I am just keeping numbers easy.
3/ If I want 10k worth of BTC, but when do I buy? I scale in at support or on breaks of support. When a major support breaks and price settles, I scale in. I might not buy every support if bearish momentum is strong, this is just a rough outline.
4/ The idea here is that you are averaging down your buy price as BTC dips. You could make it more complicated by buying 1k on break of the 60k and 58k supports, then 2k on the break of the 53k support. Essentially, buying more the cheaper BTC gets.
5/ I have a plan to buy all the way down to 10k BTC and I will buy bigger the cheaper it gets. The argument against this is of course "well if I went all in at 58k I would make more". The counterargument is that you cannot consistently pick bottoms, no matter how good you are.
6/ Statistically speaking, scaling in or DCAing makes the most sense over the long term. This is not financial advice, do your own research, do your own maths, decide what works for you.
7/ For those wondering how you find support on BTC. That is something for another thread. Although, most of the OGs here share their support area regularly
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