Charting Bitcoin

Bible_Belt

Master Don Juan
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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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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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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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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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