Time to Buy Bitcoin - BTCUSD

Jan 4, 2020

Hi friends, I will keep this write-up short as the chart is self-explanatory.
Please carefully read the notes on all 4 time frame charts.

We have bullish reversal signals on multiple time frames for a long swing trade and potentially more to come in 2020.
I have been accumulating Bitcoin at every dip with anticipation that the low of 6,450 has been set for the mid-term.
That plan has remained the same since I have posted this idea on Nov 22, 2019:

Stops should be wide and placed below 6,200.

Jan 4, 2020

Note

For short-term, I see it playing out like this:

Jan 6, 2020

Note

Price wicked right up to the trend line, but the daily candle still has several hours before close. If price cannot break this trend line and close beyond it, there is a good chance we will see price come back down into the range and possibly give us a final buying opportunity around $7,150.
If price pushes through and remains bullish, then we will want to jump in and not wait for any big reversal as we will most likely not get these lower prices again.

Jan 10, 2020

Note

Bitcoin has made some big moves since my last update, just as I predicted :) It's been taking a little breather the last couple days but it is still very much bullish. Here's an interesting idea I found I Tradingview a month ago that demonstrates Wyckoff accumulation phases and compares it to current PA on Bitcoin:

If this theory is correct, then price is currently at the last point of support and will break back up soon. If we get confirmation of this, we can assume more bullishness for the long term

Jan 14, 2020

Note

Great moves with Bitcoin so far, this idea is working out nicely. Now we see price is hitting resistance at the 0.618 fib level. I think a likely scenario now is that price comes back down to retest the large descending channel that it just broke out of. Once that happens, we should see a big move to the upside.

Jan 15, 2020

Note

So we got the retest of this big channel I was talking about yesterday and had some longs filled last night when it wicked down there. There seems to be slight hesitation in the market right now at this 0.618 fib level and I do wonder if we will re-visit that area or if that was all we got and price is going to just continue back up. I don't think this is a good spot to make any trades, but just watch and let the candles form. A breakout of the 0.618 fib is what we're looking for now

Jan 15, 2020

Note

I took a look at some other exchanges and drew that same channel on those charts and on some exchanges it shows price is actually just touching the top of the channel and hasn't even broke out of it yet. See below:

At Bitfinex price is hitting diagonal resistance at the top of descending channel, and the same thing is occuring at Coinbase. However Bitstamp and Binance are both showing that price already broke out of channel and came down last night to retest. This only makes things more confusing as we have traders seeing 2 completely different things

Jan 20, 2020

Note

Since I last posted, I talked about this descending channel that Bitcoin was trying to break out of. Well we got the break out and then a dump that followed soon after due to the 200MA (orange) acting as resistance. But interestingly, despite the drop, you can see the daily candle body closed outside of the channel so price is actually testing this channel as support now. If today's candle also closes outside of the channel and we can start seeing some upward movement away from the channel over the next couple of days then we can assume bullish movement is still intact. Let's not forget about the monthly trend line from 2015 (dotted blue line), so even if price does fall back into channel, we should expect that major trend line to still hold.

Jan 23, 2020

Note

I've closed out all remaining longs once price broke under the channel.

Jan 23, 2020

Note

The arrow above is pointing to about where I'm looking to add longs again. That blue monthly trend line should hold. Remember it's been holding BTC since 2015 and initiated the 2019 bull run. I will assess when price gets there.

Jan 27, 2020

Note

I decided to go long again last night when price broke that big descending channel once again. Looks like bulls are back in control for now, but if it starts to show weakness I'll consider taking some profit