Charting Bitcoin

Bible_Belt

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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.
 

synergy1

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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.
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.

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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ChristopherColumbus

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The linear scale is just silly to use on the medium/ long term of BTC.

Say you buy BTC at 3K, at 6K you have doubled your money. If you buy at 6K, 12K is required to double your money. The log scale represents the true appreciation. It's the difference between nominal and real values... macro-economics 101.

Also, no sense of the long term trend can be made of the above chart. It's a dog's breakfast because it's only measuring nominal values [aka money illusion].


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ChristopherColumbus

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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.
Nope, sold a large portion of BTC at 10K and rebought at 6K on the strength of the reverse parabola.
 

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ChristopherColumbus

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Testing.... Click on picture icon... drop image window opens... hello, it's working.

Curve still on track -

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Crown

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Volume is dying once again and price is flat which makes me think of the 6300$ zone just before it droped hard.
If a large actor decides to sell we could see 2400/2500$ zones.


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Crown

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Really not convinced by that recent spike. I don't think it will even reach 4500. There are too many people that dream to sell at a better price and switch to Gold.
There are too many projects that are still worth something and they shouldn't be.
 

synergy1

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I'm too good at this game.



View attachment 2374
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.

either way I'll never be a buyer. The tech and underlying architecture will never make btc in particular mainstream due to scalability. In terms of processing transactions, its orders of magnitude behind existing payment transaction systems. Also, governments have ever incentive to outlaw it, and create their own. If I had to pick one out of the lot, Dash sounds the most compelling. Word on the street is that Russia was talking to the guy who arcitected it so it sounds like that system holds promise.

I'll wait until the mania is dead, and a company has a path towards going mainstream with it. Haven't seen anything yet, but I am sure its coming. Be patient! You had literally years to buy microsoft, amazon, google, etc and become rich without having to rush in. Everyone who rushed in on these coins got body bagged.
 

synergy1

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Reverse H&S marking the bottom.

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).

see attached.

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.
 

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ChristopherColumbus

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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).

see attached.

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.
? Why are you referring to a pattern that has already been 'falsified' by the market? Are you a moron? lol

That pattern held for nearly six months before the BCH debacle. It basically mapped most of the medium term correction. My new model [2019... yes it is 2019 now lol] is the difference between mapping the long term and mapping the medium term... longer term indicators and time frames are more significant.

As for my charting, I take a scientific approach - when a theory is falsified, I take that as progress and develop a better theory. Too many people are afraid of being 'wrong' today, and so will never predict a trend... and never buy..... unless it is much later at much higher prices. lol

Given that a model/ theory is falsifiable, one averages in slowly. it is the passage of time here that will play the decisive factor in this correction. yes, it is a correction within an ongoing bull market. Just pull up a monthly chart with the MACD in the log scale and you can see that. if you don't know how to do that, just let me know and I can do that for you. lol
 
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ChristopherColumbus

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I sometimes wonder why I bother at times, but here is the updated chart with an ascending triangle in progress... and a higher high. Very bullish.

save.pngsave.png
 

synergy1

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[b[Why are you referring to a pattern that has already been 'falsified' by the market? Are you a moron? lol[/b]

Its trending down. Mine isn't a model, its an observation. I said the market was ripe for a correction last year, and 70% downside later, I was right.


As for my charting, I take a scientific approach - when a theory is falsified, I take that as progress and develop a better theory. Too many people are afraid of being 'wrong' today, and so will never predict a trend... and never buy..... unless it is much later at much higher prices. lol

Clearly not. I have taken posts you have put here on a repeated basis and your results are off by up to factors of two. Repeatedly. Who is the moron here? Not the guy who says the BTC market is still in a bearish trend AND as the prices continue to fall. All your "scientific" charts always have a bullish bias with forward trendlines and curves confirming your thesis. They have all been wrong.

But feel free to call the person who hasn't gotten body bagged buying BTC a moron.

The results and timestamps speak for themselves and I let readers come to their own conclusions.
 

ChristopherColumbus

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Well obviously BTC is not for everyone... it is super volatile. You can stick to your stock markets with their few per cent measly gains [or not]… I'm after the big prize. lol
 
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