Today I want to present you one of my favorite scripts for long-term Bitcoin trading. I'm publishing this script because I think it will help traders to become more profitable in the long-term. Consequently, this script is targeted at long-term investors only, since it can take years before the price goes from the green area to the red area.
To use this script correctly you will need to use the BTCUSD index from Tradingview. Search "Bitcoin Index" in your symbol search bar, top result. Use daily candles on a logarithmic scale.
This scripts consists of two price bands, green and red. The green band has historically been a great area for the accumulation of BTC, whilst the red area has historically been a great area for exiting BTC. You could say that if the price is in (or below) the green bands BTC is undervalued, with the opposite being true for the red bands.
If you wish to add alerts to this script, simply click on the alert button > condition=Fierytrading BTC Tool. You can add alerts when the price enters the green area (Buy Area Cross) or red area (Sell Area Cross).
This simple script has historically proven to be very efficient at identifying bottoms (accumulation) and tops (distribution). Be aware that the usability of this script is not guaranteed in the future.