Bitcoin price chart analysis on the monthly time frame (log).
In line with my "Keep it simple stupid" philosophy, one can see that with simple analysis Bitcoin has had three episodes whereby the Stochastic has dipped into "oversold" territory. My buy decision for a possible new bull market occurs when the RSI turns up again into the purple range or just before. This simple strategy shows me possible gains by going long BTC. I'll also wait for a green monthly candle. Whats interesting to note is the dip below the 48 SMA which hasn't happened before.This is obviously my long term strategy and past indications are no guarantee of continued BTC price action in my favor.
I could also add other indicators such as custom buy sell signals and or MACD, SAR, support, resistance lines to assist my decision making but the Stochastic based idea keeps me grounded in the trade.
I generally use Heikin-Ashi candles for simplicity/clarity and also remove the wicks.
None of this should be interpreted as financial advice, I am not a professional or certified financial adviser! all charts, and or analysis' are my personal opinions and observations only!
In line with my "Keep it simple stupid" philosophy, one can see that with simple analysis Bitcoin has had three episodes whereby the Stochastic has dipped into "oversold" territory. My buy decision for a possible new bull market occurs when the RSI turns up again into the purple range or just before. This simple strategy shows me possible gains by going long BTC. I'll also wait for a green monthly candle. Whats interesting to note is the dip below the 48 SMA which hasn't happened before.This is obviously my long term strategy and past indications are no guarantee of continued BTC price action in my favor.
I could also add other indicators such as custom buy sell signals and or MACD, SAR, support, resistance lines to assist my decision making but the Stochastic based idea keeps me grounded in the trade.
I generally use Heikin-Ashi candles for simplicity/clarity and also remove the wicks.
None of this should be interpreted as financial advice, I am not a professional or certified financial adviser! all charts, and or analysis' are my personal opinions and observations only!