📉Hi Traders, Investors and Speculators of Charts📈
It's been a while since I've done a macro update on BTC since the previous update.
I love the logarithmic view of BTC. It gives a clearer indication of price increases alongside growth. Although inflation and value factors aren't physically calculated into the price, seeing the upwards curve makes more sense from a "holistic view" that would include things such as growth and inflation.
A logarithmic chart view displays price changes as a percentage of the previous price. This means that equal vertical distances on the chart represent equal percentage changes, regardless of the absolute price level.
This is in contrast to a regular chart view, which displays price changes on an arithmetic scale. This means that equal vertical distances on the chart represent equal absolute price changes.
With help of great technical indicators, we can use the logarithmic chart as a sort of "roadmap".
The logarithmic trendline indicator (log trend channel) shows possible support and resistance zones. The logarithmic moving averages show possible support zones, and help identify if the price is generally trading bearish (under) or bullish (over).
First immediate support according to the logarithmic moving averages is around 51K:
Another interesting way you can use technical indicator in the MACRO timeframe, is by using the RSI such as this:
Here's another look at it from the MONTHLY logarithmic chart:
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CryptoCheck
It's been a while since I've done a macro update on BTC since the previous update.
I love the logarithmic view of BTC. It gives a clearer indication of price increases alongside growth. Although inflation and value factors aren't physically calculated into the price, seeing the upwards curve makes more sense from a "holistic view" that would include things such as growth and inflation.
A logarithmic chart view displays price changes as a percentage of the previous price. This means that equal vertical distances on the chart represent equal percentage changes, regardless of the absolute price level.
This is in contrast to a regular chart view, which displays price changes on an arithmetic scale. This means that equal vertical distances on the chart represent equal absolute price changes.
With help of great technical indicators, we can use the logarithmic chart as a sort of "roadmap".
The logarithmic trendline indicator (log trend channel) shows possible support and resistance zones. The logarithmic moving averages show possible support zones, and help identify if the price is generally trading bearish (under) or bullish (over).
First immediate support according to the logarithmic moving averages is around 51K:
Another interesting way you can use technical indicator in the MACRO timeframe, is by using the RSI such as this:
Here's another look at it from the MONTHLY logarithmic chart:
_______________________
📢Follow us here on TradingView for daily updates📢
👍Hit like & Follow 👍
CryptoCheck
Comment:
A contraction can be expected soon when the Bbands start to curve at the bottom, as observed above by the three lower Bbands.
During the contraction phase, we can expect the price to fall to levels CURRENTLY as the UPPER WHITE and UPPER PINK (which will then be lower turquoise):
66-68k currently
During the contraction phase, we can expect the price to fall to levels CURRENTLY as the UPPER WHITE and UPPER PINK (which will then be lower turquoise):
66-68k currently
Lot's of volume. According to Bollinger Band Strategy, a contraction is due soon. According to this strategy, you see periods of contraction vs expansion, the one followed by the other: