Where I will Go Long on Bitcoin!

Hey guys, since I made a post yesterday about where I will go short on Bitcoin, and I preach never having a directional bias until strong confirmation occurs, I felt the need to write this post detailing what criteria must be met for me personally to go long on Bitcoin.

Take a look at this chart below and then I will explain the criteria based on it:

So my criteria for a long position would be the following:

1. Price must close above the inverse head and shoulders pattern neckline, the 0.382 fibonacci line AND the white falling resistance trend line.
2. Ideally price will come back down to test the 0.382 as support after closing above it and that support will hold.
3. Ideally price creates a higher low at this 0.382 fibonacci level along with the RSI creating a lower low to signal bullish divergence.

The follow three charts are the three above criteria visualized:

Criterion 1:

Criterion 2:

Criterion 3:

This must all be on the Daily chart.

Simple as that guys! No need to complicate matters. I am a big believer that a lot of people try to over-complicate analysis (until they reach analysis paralysis) and also the patience to wait for the chart to give you the right signals is one of the hardest parts of trading/investing for a lot of people as well, in my opinion (as I struggle against it just like others).

Thanks for reading guys, and if you enjoy the content a follow would be much appreciated, and always reciprocated! Have an awesome day :)

Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.