cal268
Short

Some hints of Bitcoin on logscale

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
WARNING: THIS IS A LOG SCALE GRAPH

150 EMA seems like an important MA in BTC/USD log scale graph.
The current price action has already dropped under it. As usual, it is looking for another support.
This approach is simply using Fibonacci ratios.

Watch carefully how Fibonacci channel works on this graph.
Each level shows different supports and resistance many times since March last year.

By looking at the Fibonacci retracement measured from 24 Mar 2017 to the highest price. BTC/USD rebounced at Fib Ret 38.2% & 50% respectively.
Therefore, the next target will be 61.8% ($8034).



as you can see from your chart, the 150EMA has been broken multiple times in the last year. so it is not that significant.

On the other hand, the 200EMA is the long standing fighter at 8700, which coincidentally lies at the .618 fib.
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