Very curiously lots of people have been asking where the blow off tops have been for crypto because they are use to seeing blow off tops on crypto on weekly or monthly charts. As the market matures it begins to move a little slower and we can see that by looking at the newer coins, BND and ETH showing a blow off top on the 3 month but BTC showing the blow off top on the six month chart.
This also leads to a broader point of what charts scale to use. This rejection wicks or profit taking wicks are very clear on the standard scale. They don't look so bad on the log scale. Also, lots of people crow about doing long term analysis but it seems they don't want to consider how bearish these candles are.
I have a special place in my heart for people who draw parabolic trend lines on log scale charts of assets that grew 1000-fold in a matter of a few years. I guess it's nice to think Bitcoin is going to reach 200m in 2030.
This_Guhy
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@AdrianZen, Pray consider this idea. There will be a lot of upside once we retrace. This pullback is like a 1-2 in elliot wave and when we are done target 5 is way up there.
AdrianZen
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@This_Guhy, well, log scale between 2017 and now is fine but between 2013 and 2030 and from a few c up until $200 million is just fantasy. Your charts are excellent. I do see the potential after the current pullback but I'm not expecting anything above 1M (at best) ever. Btc will become saturated sooner than that and maybe fought against by governments, who knows... Even the current run has disappointed a lot of people. Everybody was literally hoping for at least 100k this year. At this point I don't think it's going to happen sooner than before the next halving.
FerroIgnique
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Looks bad, desu. But it seems too short a time from the Halvening to be the real end. I think shorts are getting their faces skinned by green candles