Investing Journal
BTC INVESTING
With a long-term perspective (please refer to the book: Softwar), BTC’s weekly and daily timeframes would appear to indicate that the best time to dollar cost average into Bitcoin will be when the price is near the bottom of the parallel trendlines.
Weekly Chart
Daily Chart
In this respect, it appears that now is almost a good time to Short BTC as it approaches the upper trend line.
The weekly timeframe Stochastic RSI indicates that there is still enough buying pressure to send BTC’s price higher.
The daily timeframe Stochastic RSI is now moving downwards from the overbought position. From experience, when the weekly is moving in the opposite direction from the daily this results in the price action moving sideways until the Stochastic RSI on one of the timeframes begins to change direction.
Learning Point
- Brilliant trading is all about assessing larger timeframes consistently in order to take advantage of highest probability trading opportunities.
- Stochastic RSI seems to be a brilliant indicator to use on the larger timeframes to assess the price action.
Next Action
- Re-assess Bitcoin’s longer term price movement on the weekly and daily timeframes everyday.
IVG (Involgize)