Primecoin down 50%. Time to buy?

As predicted last week, Primecoin is down more than 50% from peak.

http://www.cryptocoincharts.info/period-charts.php?period=1-month&resolution=day&pair=xpm-btc&market=vircurex

Looks to me like a good opportunity to buy for a quick flip. Don’t do this unless you can watch the price like a hawk and have your finger on the sell trigger when your bet pays off. 10%-20% seems reasonable.

Or hold out for more and… no. Lock in gains and don’t get greedy.

Long term prospects for prime coin are quite unclear to say the least.

UPDATE: 8-9-2013
Up 37%. Time to sell.
Could it go up more? Yes.
But it’s important to lock in profits.

Full disclosure: I didn’t make this trade, due to thin volumes, time cost of moving funds around, and other matters pressing. Hopefully somebody benefitted regardless.

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About thomashartman1

I am a crypto currency enthusiast, trader, and software developer. Contact: thomas AT standardcrypto DOT com.
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