Fellow crypto traders I think you should see this. This is the long term logarithmic view of Bitcoin since inception. I drew this a while ago for times like these when I need to step back and view the larger picture. Please excuse all the lines and messiness. I did not want to delete them just for this post.
The main thing I wanted to point out is the bull channel in purple. Again, zoom out and you'll see this begins at inception. Even with the bitcoin drop, we are still ABOVE this BULL channel. In fact, the top of the bull channel is exactly what we bounce up and off of this morning. I don't expect us to stay above the bull channel. It is actually not healthy that we do.
The middle of this channel is @$1800. I'm sure you all recognize that number don't you. We've hit it several times.
The bottom of the channel is $950.
You want to know what the most incredible aspect of this chart tells me? We could actually (I am not suggesting we will) travel all the way down to $950 and still be in this HEALTHY BULL CHANNEL!
I am not posting this to recommend any investment advice at this point. For time being, I've captured all of my profits from the last few months and am all in cash. I simply wanted to show you this chart in hopes that it helps to alleviate some of your panic.
The main thing I wanted to point out is the bull channel in purple. Again, zoom out and you'll see this begins at inception. Even with the bitcoin drop, we are still ABOVE this BULL channel. In fact, the top of the bull channel is exactly what we bounce up and off of this morning. I don't expect us to stay above the bull channel. It is actually not healthy that we do.
The middle of this channel is @$1800. I'm sure you all recognize that number don't you. We've hit it several times.
The bottom of the channel is $950.
You want to know what the most incredible aspect of this chart tells me? We could actually (I am not suggesting we will) travel all the way down to $950 and still be in this HEALTHY BULL CHANNEL!
I am not posting this to recommend any investment advice at this point. For time being, I've captured all of my profits from the last few months and am all in cash. I simply wanted to show you this chart in hopes that it helps to alleviate some of your panic.
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us