Master Don Juan
- Sep 8, 2016
- Reaction score
I agree with BB on this. I'll admit I use log plots on daily/ weekly charts, but none of them have the parabolic price action like btc. Looking at his log chart, and it looks like the most recent break is not as meaningful as it was. An overlay of volume ( not shown) shows that more people got in at very high prices, so that will provide a great deal of resistance for a time. His chart is merely mining data and presenting it to suit his thesis. Nothing more.Post the same chart in linear scale, and it will show you the opposite story. I never knew anyone who used exponential scale for charting. The money you make or lose is certainly linear, one dollar up or down has the same value as any other dollar of price change. Bitcoin could drop from 4000 to 2, and it would look like a 50% correction on that chart.
Nope, sold a large portion of BTC at 10K and rebought at 6K on the strength of the reverse parabola.I
There is nothing tempting about his chart. The price is in a clear downtrend, and all of this advice to cost average in is not warranted. Listening to this guys (Columbus') advice in the past would have led to losses since. This is just a fact. No accountability and continues to pump and pump. irresonsable.
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Price looking solid for now,,, looking for a higher high then further consolidation.
Interesting, this wasn't coming up on googles price tracker of bitcoin. unsurprising as bear market bounces happen in all markets with trapped buyers. What you show there is a yuge selling volume suggesting to me that people are looking to just get out without too much damage. Will be plenty of resistance the closer its gets to where it was basing before - around 6000 USD.
I think this one looked too optimistically considering the bearish trend right in plain sight. No need to put ranges of where it goes on cycles when the target is on this chart is off by almost a factor of 2X ( price being around 3700 as we speak).Reverse H&S marking the bottom.
? Why are you referring to a pattern that has already been 'falsified' by the market? Are you a moron? lolI think this one looked too optimistically considering the bearish trend right in plain sight. No need to put ranges of where it goes on cycles when the target is on this chart is off by almost a factor of 2X ( price being around 3700 as we speak).
In bear markets, you usually have trapped buyers ( see the volume as price appreciates), and natural levels where said buyers will start to sell. No one knows when the sentiment will shift, if it will shift from bearish to bullish. Maybe in a few years when people have forgotten about their losses will they ignore previous price levels, but we aren't there yet as evidenced by the price action.
I would put natural resistance at around the 4000 level, and the base level of 6000. Bitcoin will likely have trouble breaching those levels for some time.