I have shown two channels, one huge encompassing channel and a recent steep bull channel. Bitcoin has broken above the steep channel and now wants to also break above the mid line of the large channel. (I'll show closer view of that in comments.) RSI screams overbought but as it always does when bitcoin is on a rampage.
To me it looks like bitcoin is on a large spike up which as always will eventually end at some unfathomable new high followed by extremely painful crash for those who bought in late. I don't think the top is in yet.
I've seen something similar before but i struggled to understand it. Sorry, I cant make sense of this, the chart seems pretty warped to me.
The ratio from $1 to $1200 takes up over 2/3 of the chart, and $1200 up to $17,000 is only 20% of the chart.
Am i missing something?
Sorry, hope you can help me get my head around it.
P.S
on 2014-04-08 It had the first rally, before correcting once and then going up for a big rally and touching the top of the channel, then entering a 2 year bear market.
What we have here, may be that first rally.
AlphaWolf-Prime
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@AlphaWolf-Prime,
Never mind,
Showing my ignorance, your using Log scaling.
Got it.
afbitcoins
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Yes log scale. I have tended to use log scale more than linear scale for crypto currency through trial and error. It usually seems to give better results, for me at least. I assume it is to do with the massive increases. On linear scale everything would look flat until a huge vertical spike.
afbitcoins
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Closer view with 4hour candles showing break out of steep channel and above mid line of larger channel.
afbitcoins
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A retest at about $15200 might be a good area to look for going long. With stops below that if thats how you trade.
I've seen something similar before but i struggled to understand it. Sorry, I cant make sense of this, the chart seems pretty warped to me.
The ratio from $1 to $1200 takes up over 2/3 of the chart, and $1200 up to $17,000 is only 20% of the chart.
Am i missing something?
Sorry, hope you can help me get my head around it.
P.S
on 2014-04-08 It had the first rally, before correcting once and then going up for a big rally and touching the top of the channel, then entering a 2 year bear market.
What we have here, may be that first rally.