Hey folks. This is my Current plan on Bitcoin
I would like to state that I'm very Bullish on Crypto Market on the long term. I believe it is a no brainer and a great time to gather strong assets to build long term wealth. I plan to Dollar Cost Average (DCA) at key supports to bring down my average entry price. It is impossible to determine when or what the exact price will be when the bottom is made, even though, I believe we are close, so, thinking in lines as an investor, the best strategy for me is to keep it simple and to buy at key supports. I believe if an investor has the correct mindset, they will be rewarded when the bear market ends and the next bull market begins.
I believe its important to limit myself to a handful of good projects that will be around in the future, and Bitcoin (BTC) is number 1 on my Top 5 list, and therefore I plan on allocating 40% of my entire portfolio to Bitcoin. If I can keep it simple and DCA into BTC at key Levels, my Risk/Reward tilts in my favour.
On chart below I have marked my Planned Entries. And if Price goes lower than I expect, I will continue to DCA at Key Levels.
Notice the Upside.
Something l find interesting is the Bullish Divergence on the Weekly Chart below.
But this next element kind of scares me, is the Bullish Divergence on the RSI is also printing a Hidden Bearish Divergence, and depending on the Price Action, it may negate the Bullish Divergence. In other words, the RSI could be resetting itself for more downside.
Stoch RSI is Approaching Extreme Oversold Conditions on the Weekly Chart.
On the Monthly Stoch RSI I made some Measured Moves on possible length of Bear Market. Not exact by any means, but can give the investor a sense of direction.
The Measured Moves above tells me we are approaching a Bottom. The Question is, How much longer before Price Action reverses and trends upward?
In my opinion, by the end of next year or mid 2023, Price Action should bottom and start to trend upward. But Markets can change at anytime, and depending on price action, I may revaluate my position. Nothing is set in stone. For no trader or investor can predict the markets, best that traders or investors can do is to determine the probabilities in which direction it will go.
It is important to note, I have not used any leverage. And not financial advice.
Please take Note: Price Action on Weekly Charts can take some time to play out.
