The log chart shows me that we've still got momentum upwards. RSI has given us space again. Boillinger bands squeeze and not much of a retrace on this step. Short term trendlines have not been broken. I think we have a clear line to 3.37$. I am using the logarithmic scale here as the lines between peaks and bottoms looks much crisper. A channel if you zoom out....
Given the persistence of the common view that a big crash is (always) just around the corner, Bitcoin has an astonishingly consistent track record. This is a simple point, yet fundamentally profound, and one that can easily get lost amidst details and anxieties of the trade.
Interesting repeating fractal formation on BTC.
BTC repeating the exact same fractal, will history repeat itself or will this be the beginning of a new paradigm?
Every time it makes a new ATH, it does twice (one purple circle, one yellow circle), we are in the second circle. Buying here is very dangerous unless the channel is breaking from upside to confirm a new degree of a log channel start forming. I wonder who is buying now.
Log chart, pitchfork accurately showing bottom. TP at middle line, depending on hype/news/btc One thing to keep in mind is that the privacy coins may have a surge together. Follow ZEN, ZCASH, DASH as well.
I believe that BITCOIN has still some strength to go up. For couple of months, BITCOIN has been moving between LOG SCALE Resistance and LOG SCALE Supports shown by red lines. Buyers are not really tired at the moment and I believe BITCOIN will move upto 6430-6450 levels and then start going down once it touches the LOG SCALE Resistance shown by red line.
COINBASE:BTCUSD When this breaks it will be swift and likely %50 from topping price, too early but watching for the chink in the armor!
This is nothing more than a long call of sorts. I think that often times we should be viewing bitcoin from a logarithmic lense. This looks very much like a small bump on the inevitable road up.
Again, everyone should be aware of the essential trend lines for BTC . I've published the shorter term, more aggressive TL for BTC in another post. Three things to take away from this post: -btc is best viewed on a logarithmic scale . When people look at the linear chart of btc and see a vertical line up...yes, that is scary because it suggests extreme...
Log scale natural growth pattern for BTC. If large breakout above, pattern failed. This channel could see a retrace soon as Elliot's wave theory suggest.
The bearish primary degree count (on log scale) still satisfies more factors (i.e. volume trends, sentiment, proportionality, distance, time) than the bullish cycle degree count (on arithmetic scale) and I consider it the higher probability scenario. Log scale shows that the rally to new all-time highs is not as big as it seems. Arithmetic scale shows how steep...
There must be a comprehensive text, but I'm too lazy to write it.
The earlier fall back to the median line and the vertical fall after a period of congestion suggests weakness close to median line. If price bounces from a small fall to 260-270 zone then we have bullish hopes, or else a fall to 235-240 zone is expected.
This bearish outlook is due to applying a logarithmic scale, resulting in a rising wedge pattern which is confirmed by the ATR divergence and which has been breached, signalling the start of a new downtrend or simply a correction. If June's hanging man is confirmed, next target will probably be the bottom of the channel, but if price continues to decline and...
Log scale is the critical factor of this analysis.