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RE: Bitcoin's Daily Ch-Art - this one's a Beauty
What you actually perdict from this beauty? I am not too well in reading technical analysis and now a days learning these kinda things, so always trying to find some new charts and have some deep look on these, but i am afraid to say, i get nothing for these other than just beauty, so can you please explain what you actually get from these?
What is most telling in my opinion is how important the logarithmic scale is for understanding Bitcoin.
(in my previous posts 'Bitcoin's Daily Ch-Art' you can follow my earlier path of discovery of the patterns).
The logarithmic scale shows you the relative change: if something doubles from 10 to 20, it's in fact the same as when it doubles from 100 to 200. But on a 'normal' linear scale, it looks totally different. On the short term scale of minutes to weeks though, the linear scale becomes more important to follow patterns than the logarithmic one, I have noticed for Bitcoin.
The ascending trendlines are lines that indicate a doubling EXACTLY every 9 months. So if you want to know where to find Bitcoin in a few years from now, it's pretty easy, just see how many time 9 months go in the time period. etc.
Thanks for the detailed explanation, Now i understand :)
I think the only thing you can safely predict is that there is lot of room to go down for Bitcoin, but at the same time there is this very strong push upwards that drives it to double it's value every 9 months. So we may be in a bear market for more than a year, but it might as well go sideways for another 2 years. Almost always, after an ATH it goes down and bottoms out at the ATH before the last one, so you could expect it to go down to the ATH around the symbolic value of 1000$. Or it just may go on and don't look back, as it did after the first ATH of 2013.
Good points for entry and exiting look like they are around multiples of 250.