RE: BTC update 23.01.18 - pointing out the worst case
To the top! Just awesome how fast you were able to use all functions of this platform!
I usually don't like logscale because in my experience it distorts the waves and implies equal percentage growth for the future.
This is close to what haejin came up with.
Without logscale it looks like the correction will be done soon, but with it, the chart says that this year BTC will not be able to rise at all. And if this cycle degree wave 1 is already in, it will not rise until 2024 when 200$ was hit? LOL
Or is this a misinterpretation of your chart?
4,356 might be a good target then, but the trendline will likely not be hit again in this correction.
Can you please do an analysis with a linear chart?
Thanks so much again. You should take this entire letter and make a post on your blog out of it.
Thank you, brother! Ha! I too shy away from log scale at all cost (my gold chart below is in arithmetic scale, as I typically prefer.)
The reason I choose log-scale, in this case, is that there is simply not enough historical data to get a good feel for the wave structures. My Gold chart actually goes back to 1975, which provides more than enough historical data to garnish an accurate birds-eye-view in the standard "arithmetic" scale.
I'll pull up a linear chart again to take a second look - but no promises on rendering another interpretation.
Don't know who "@haejin" is, but yeah, I think you've pretty much interpreted my quick count accurately.
I'm a "music-man" now, so I really don't want to paint my blog with technical analysis. Perhaps if I had a second account, I might consider focusing on such - but right now, I am just super busy with the #openmic, and the #openmicsongwriters projects. I truly don't know that I could even find the proper amount of time to give such an endeavor - even if I had a dedicated account handle to do so.
Thanks for the suggestion though, and the link to the charting site - I really appreciate that, brother!
The most important thing is to be posting about what makes you happy. If it's music to you, so be it. But please consider giving my blog a visit from time to time to drop another gem comment like your previous ones.
I am still very interested to see your interpretation of an arithmetic 4 hours/daily chart of BTC :D
Thanks, man! I'm following you... I don't get to my feed as much as I ought to, but when I do, I'll be looking for you. :-)