Cryptocurrency Market Still Holding Uptrend In Log Scale
It's worth noting that if you look at the global market cap chart for cryptocurrencies in log scale it's far less dramatic and still holds the uptrend.
A log scale chart is plotted in such a way that two equivalent percent changes are represented by the same vertical distance on the scale, regardless of what the price of the asset is when the change occurs.
Many professionals use logarithmic charts because it helps them see how big moves are not on an absolute dollar basis, but on a percentage basis. Linear charts can be a bit distorted, especially when assets are fast moving... like crypto.
So rest assure... we are still in a bull market if you use log scale.
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Thanks for the perspective.
I'm afraid the worse problem with log charts is that if you look, we now have MUCH farther to drop be we see support.
I'm seeing $5800 support. Check out my site if you get a chance.
Yeah I guess if we broke this trend line we are looking at <100B
Very likely based on the log. I'm sticking with the 5800, I think all the new investors will have fully capitulated and thrown in the towel in disgust about there.
Much success!
If that happened it would take years to recover
Probably just the opposite. At that point ALL sellers have left the market and there is no one left but the bulls.