The strategy that I am describing is pretty damned close to DCA, especially since I was doing it on a weekly basis. Let's say, for example, I had a budget to buy bitcoin of $100 per week, and it was for 26 weeks (which would be $2,600 for 6 months). And if the beginning of the week is Monday and the end of the week is Sunday, maybe I might identify a couple of the dips through the week or maybe I would be waiting for dips that did not end up happening, so by the end of the week (Sunday) I would use either the whole $100 or whatever parts were left to buy at that time.. of course, the beginning of the week could be chosen as any day. and each week there was a new $100 authorized, and let's say that I felt that I did not have time to watch the market, so maybe I would just buy or maybe the price opens at $28,500, and I would set my buy order at $27,820, and if the order did not fill by Saturday, then I would just market buy or maybe set the buy order within $50 of the current price so that I have more confidence that it is going to fill before the end of the week.
Ohh, now I see your point, the strategy you employed is actually DCA, the only difference is the fact that you wait for the dip before accumulating more, its not a bad one but its time consuming as it requires constant watching of the market, so assuming your targeted price is not meet for the week, do you add the amount to that of next week or you'll abandon that weeks accumulation?.
Reason I asked that question I believe there are times where the market just goes sideways without adding or removing any large significant amount to the market for up to a week, and in such cases I don't think your strategy would be able to accumulate for that week. I am a very busy person, not sure if I would be able to adopt the system, but I'll love to make a trial for a month and see how it goes, but my modified strategy would be, if my buy target wasn't meet for the week, at the end of that week I'll just buy irrespective of the price, so I will not be tempted to skip accumulation for that week.
You might be right, but seriously, I don't think that waiting for the dip is a good idea. Why? Because it might be that while you are waiting for Bitcoin to dip, it must have been on peak mode, so it is good that when you have the money you should not hesitate to tap the buy button. If an investor is using the DCA method to accumulate Bitcoin, he/she shouldn't wait for the dip, it is just for the person to take advantage of every little opportunity that Bitcoin has provided. That's all.
Sometimes, I do believe that it is only Bitcoin traders that have the time and the whole day to keep on watching the price chart of Bitcoin so that they will know when to buy and when to sell, but for investment, I don't think it's a good idea for an investor to be watching at the price of Bitcoin without buying just because he/she is waiting for the dip.
With the help of the DCA method, I believe that 1btc is still 1btc, so if you are waiting for the dip to dip or get dipper, I think you are wasting time. It is just a waste of time. Buying when you have the money is a good one than waiting for the dip.