afbitcoins
Long

The big picture

BITSTAMP:BTCUSD   Bitcoin / Dollar
255 5 3
I have shown two channels, one huge encompassing channel and a recent steep bull channel . Bitcoin             has broken above the steep channel and now wants to also break above the mid line of the large channel. (I'll show closer view of that in comments.) RSI screams overbought but as it always does when bitcoin             is on a rampage.

To me it looks like bitcoin             is on a large spike up which as always will eventually end at some unfathomable new high followed by extremely painful crash for those who bought in late. I don't think the top is in yet.

Hi thanks for sharing this!

I've seen something similar before but i struggled to understand it. Sorry, I cant make sense of this, the chart seems pretty warped to me.
The ratio from $1 to $1200 takes up over 2/3 of the chart, and $1200 up to $17,000 is only 20% of the chart.
Am i missing something?

Sorry, hope you can help me get my head around it.

P.S
on 2014-04-08 It had the first rally, before correcting once and then going up for a big rally and touching the top of the channel, then entering a 2 year bear market.
What we have here, may be that first rally.
Reply
AlphaWolf-Prime PRO AlphaWolf-Prime
@AlphaWolf-Prime,
Never mind,
Showing my ignorance, your using Log scaling.


Got it.
Reply
afbitcoins AlphaWolf-Prime
Yes log scale. I have tended to use log scale more than linear scale for crypto currency through trial and error. It usually seems to give better results, for me at least. I assume it is to do with the massive increases. On linear scale everything would look flat until a huge vertical spike.
Reply
Closer view with 4hour candles showing break out of steep channel and above mid line of larger channel.

snapshot
Reply
afbitcoins afbitcoins
A retest at about $15200 might be a good area to look for going long. With stops below that if thats how you trade.
Reply
English (UK)
English
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out