DiscoDonny

BTC-USDT (logscale theory)

POLONIEX:BTCUSDT   Bitcoin / Tether USD
I probably go against all the TA rules with this chart. It is a theory, so take it for what it is. I changed the map setting to log scale and looked for patterns. My intuition already said that the last months of 2017 the whole market was in overdrive and not sustainable. From this perspective, it seems like we are going back to natural growth, comparable to the first half of 2017. If this theory is correct, we will find uptrend around $ 6730,-
Comment: The margin for uptrend is of course a bit wider than indicated above: I suspect between $6730, - and $ 7600, -
Comment: Quick update, 5/4/2018 (Bittrex)the 24h Low 22.30 hr -> $6652.88386045
Although we are right in the buy zone, the overall market sentiment is really shaken up by this drop (even stock market has gone down) it might take some time before we can see recovery as there still is a lot of fear. I wouldn't buy back in until we see the "Three White Soldiers".

If the price falls through the bottom of the buy box, it may be time to step out of the crypto market as a whole, no idea how low it can go.
Comment: I zoomed in a bid, and it looks like we kissed the bottom line from the channel before it went up again.
Nice one bro. I love to honestly zoom out and look at longer patterns and charts from an extended time period like this. Gives you a better OVERALL and long term understanding. Very smart too how you mentioned how Nov/Dec 2017 the news and media sent crypto into a buying frenzy an the chart shows that ATH. The top line maybe if you have it touch the ATH it shows it can be a much larger channel too. An we may possibly hit way higher ATHs by April. All in all great simple look at BTC from an extended time period.
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DiscoDonny KFedTrading
@KFedTrading, Thanks mate! I guess the best TA is zooming out.
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Sounds logical. No reason for worry, will it fully recover after the correction?
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@deToet, My guess if it indeed returns to the channel as drawn it will return to the all time high end of march, beginning of april.
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Interesting , thanks for posting :)
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