BITCOIN LOG CHARTING TARGET 38008 OR 3000
Read an interesting post (https://busy.org/@bitbrain/bitcoin-trendline-analysis-latest-update)yesterday by @bitbrain from @TIMM (a trading analysis platform on steemit). It gave me a different perspective/sentiment of btc long term as I explore the log function on charts. Usually i will look at day and weekly chart, recently added my opinions for hourly timeframe too and post it on my daily analysis. Whenever i m looking at chart and doing TA, i always use linear. I'm aware of the log function but never really look at it.
During my initial journey on btc, i actually go study the full chart from bitfinex since 2013 and look for patterns as longer timeframe gives a different perspective and big picture possibilities. Reading that post, spark of my curiosity and interest on using the log function for btc chart, i will went to test it out on bitfinex not the usual coinbase in my analysis as the data on coinbase is lesser. Some interesting findings (turning on log function and set it to weekly candles),
1)the lowest dotted line using 2 points to draw a line extension, note the 2014 super flash crash shadow bounce off this line and the bottom of the 2014 bear trend hover around that zone.
2)I did a clone of this first line and magically it fits (NO ADJUSTMENT), 2nd dotted line, to the top of 2013 and a nice channel formed from then till now, when price get too far off too rapidly from this 2nd dotted line like in 2014 and 2017, it will come back to test. In 2014, it hover for awhile before dipping into the channel.
3)When i did a clone of the 2nd dotted line, it's where you see now the 3rd dotted line, no adjustment too and we have the 2017 top.
Bullish : Adding an additional blue trend line, possible to have btc price around 22000 end of 2018 should the rally pattern occurred like 2017. Or even better all the way to the 3rd dotted line top where we can maybe see btc price hitting 38000. (side note, i remember reading this 38,008 number for btc appearing on clif high report from the datasets processing) I wonder what news could drive whale's sentiment for this to happen.
Bearish : It could be a repeat of 2014 where it hover along the 2nd dotted line and dip into the channel and all the way till 2019 where we might see btc price at 3000 and really attract the whales to come in or where there's more time for regulation to establish + confident + profitability for financial institutions to enter.
On hourly candles, tested the upper channel resistance mentioned. Consolidation within possible triangle, possible squeeze breakout either up (3 steps spike of the staircase pattern) or down.
News: -
Short term moving average (day candle) : uptrend
RSI : nearing overbought
Depth Chart : (S)7800, 8000 | (R) 8300, 8500, 8600
Weekly Timeframe :
Disclaimer : This is not financial advice, it's all based on my personal biased opinion. Do your own research and put in the amount you can afford to lose.
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As expected the weekend saw very slow movements within the crypto currency market, with prices ranging between $8,060 - $8,310. Price consolidated mainly around this area for the majority of last week, unable to breakout of this range and continue its movement. This could be a very good thing, as consolidation within a strong area can often mean price is slowly gain strength and will eventually breakout, which way is breaks out is still hard to speculate.
When we go down to the 4hr chart we can see the clear consolidation and range that price is ranging within. Late last week price broke to the downside but it was only momentarily, with price being rejected at the $7,800 region and quickly shooting back within the $8,060 - $8,310 range. I wont be actively trading BTC until it clearly breaks this range. If price can break to the upside and close above the major psychological level of $8,600 which i believe it will, we could see price take off towards the $10,000 region.
yeah stick to your plan. i m in position from the 2nd step staircase pattern spike pullback. Let see if we will have the 3rd steps spiking to test 8500, 8600 which is abt the 200 day MA too, closing above like what you mentioned then we may see more bulls volume.
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