I mentioned a couple of weeks ago that ETH/USD had broken out of a fairly long consolidation 'triangle' and that breakout meant a likely rally to over 1000. Obviously, that call is looking better and better every day. After the initial breakout there was a strong pull back to under 400 - two in fact. Those are normal and to be expected.
Now, ETH/USD spent about a day consolidation around 600 before breaking out of that level and heading over 700.
I am still looking for 1000+.
Now a word of WARNING...
I have seen a lot of crypto-skeptics posting their articles claiming that BTC and other cryptos are the biggest bubble in history. Almost invariably these opinion pieces are accompanied by charts that show Bitcoins rise from pennies in 2010 to over 17,000.00 today. And, invariably, these charts are presented in an arithmetic scale as opposed to a logarithmic scale. Why does this matter? Three reasons:
1. An arithmetic chart shows a constant vertical distance for every dollar movement. Ie., the distance from 16,000.00 to 17,000.00 is one thousand times greater than the distance from 1 dollar to 2 dollars. This creates a ridiculous vertical parabolic move where one DOES NOT necessarily exist. A log scale chart shows the move from 1 to 2 dollars as a larger vertical distance (it is a 100% gain) than the trip from 16,000 to 17,000 (roughly a 7% gain). Technically, a log chart is the only chart that shows price action as a function of percent gain. I would argue strongly that people are more motivated by percent gain than anything else and one MUST use a log scale for anything that has traded in a wide range.
2. The use of an arithmetic chart DOES create a visual that looks incredibly scary. If these authors use such a chart for emotional impact then they are possibly even trying to deceive the reader. They undermine any semblance of objectivity by so doing.
3. If they use an arithmetic chart out of ignorance... then they are showing that they are ignorant. Enough said.
All of this published ideas that I have presented us log scale charts. You be the judge as to my accuracy or lack thereof.
And, if you think I am accurate and helpful you can show your thanks with a small token of your appreciation...
ETH - 0x644d35499bd388057A34Ce95A4BaB27b6D919678
LTC - LMkPfTzLvLpyN494w42yY134rw1Wa5m55f
BTC - 1MhNPTKtUxy4hU8yGhJ7hA2A2UHVZdqKv9
Thanks...
Now, ETH/USD spent about a day consolidation around 600 before breaking out of that level and heading over 700.
I am still looking for 1000+.
Now a word of WARNING...
I have seen a lot of crypto-skeptics posting their articles claiming that BTC and other cryptos are the biggest bubble in history. Almost invariably these opinion pieces are accompanied by charts that show Bitcoins rise from pennies in 2010 to over 17,000.00 today. And, invariably, these charts are presented in an arithmetic scale as opposed to a logarithmic scale. Why does this matter? Three reasons:
1. An arithmetic chart shows a constant vertical distance for every dollar movement. Ie., the distance from 16,000.00 to 17,000.00 is one thousand times greater than the distance from 1 dollar to 2 dollars. This creates a ridiculous vertical parabolic move where one DOES NOT necessarily exist. A log scale chart shows the move from 1 to 2 dollars as a larger vertical distance (it is a 100% gain) than the trip from 16,000 to 17,000 (roughly a 7% gain). Technically, a log chart is the only chart that shows price action as a function of percent gain. I would argue strongly that people are more motivated by percent gain than anything else and one MUST use a log scale for anything that has traded in a wide range.
2. The use of an arithmetic chart DOES create a visual that looks incredibly scary. If these authors use such a chart for emotional impact then they are possibly even trying to deceive the reader. They undermine any semblance of objectivity by so doing.
3. If they use an arithmetic chart out of ignorance... then they are showing that they are ignorant. Enough said.
All of this published ideas that I have presented us log scale charts. You be the judge as to my accuracy or lack thereof.
And, if you think I am accurate and helpful you can show your thanks with a small token of your appreciation...
ETH - 0x644d35499bd388057A34Ce95A4BaB27b6D919678
LTC - LMkPfTzLvLpyN494w42yY134rw1Wa5m55f
BTC - 1MhNPTKtUxy4hU8yGhJ7hA2A2UHVZdqKv9
Thanks...