BITCOIN LOG CHARTING TARGET 38008 OR 3000

in bitcoin •  4 months ago

Read an interesting post (https://busy.org/@bitbrain/bitcoin-trendline-analysis-latest-update)yesterday by @bitbrain from @TIMM (a trading analysis platform on steemit). It gave me a different perspective/sentiment of btc long term as I explore the log function on charts. Usually i will look at day and weekly chart, recently added my opinions for hourly timeframe too and post it on my daily analysis. Whenever i m looking at chart and doing TA, i always use linear. I'm aware of the log function but never really look at it.

During my initial journey on btc, i actually go study the full chart from bitfinex since 2013 and look for patterns as longer timeframe gives a different perspective and big picture possibilities. Reading that post, spark of my curiosity and interest on using the log function for btc chart, i will went to test it out on bitfinex not the usual coinbase in my analysis as the data on coinbase is lesser. Some interesting findings (turning on log function and set it to weekly candles),

1)the lowest dotted line using 2 points to draw a line extension, note the 2014 super flash crash shadow bounce off this line and the bottom of the 2014 bear trend hover around that zone.

2)I did a clone of this first line and magically it fits (NO ADJUSTMENT), 2nd dotted line, to the top of 2013 and a nice channel formed from then till now, when price get too far off too rapidly from this 2nd dotted line like in 2014 and 2017, it will come back to test. In 2014, it hover for awhile before dipping into the channel.

3)When i did a clone of the 2nd dotted line, it's where you see now the 3rd dotted line, no adjustment too and we have the 2017 top.

Screen Shot 2018-07-29 at 3.15.05 pm.png

Bullish : Adding an additional blue trend line, possible to have btc price around 22000 end of 2018 should the rally pattern occurred like 2017. Or even better all the way to the 3rd dotted line top where we can maybe see btc price hitting 38000. (side note, i remember reading this 38,008 number for btc appearing on clif high report from the datasets processing) I wonder what news could drive whale's sentiment for this to happen.

Bearish : It could be a repeat of 2014 where it hover along the 2nd dotted line and dip into the channel and all the way till 2019 where we might see btc price at 3000 and really attract the whales to come in or where there's more time for regulation to establish + confident + profitability for financial institutions to enter.
Screen Shot 2018-07-29 at 3.35.41 pm.png

On hourly candles, tested the upper channel resistance mentioned. Consolidation within possible triangle, possible squeeze breakout either up (3 steps spike of the staircase pattern) or down.
Screen Shot 2018-07-28 at 7.32.27 pm.png

News: -
Short term moving average (day candle) : uptrend
RSI : nearing overbought
Depth Chart : (S)7800, 8000 | (R) 8300, 8500, 8600
Weekly Timeframe :

Disclaimer : This is not financial advice, it's all based on my personal biased opinion. Do your own research and put in the amount you can afford to lose.

3 Ways to earn on steemit platform passively

  1. Sell your upvotes or lease/rent your SP from DLM market and earn passively with Minnowbooster service
  2. Sell your upvotes or delegate your SP and earn passively with Smartsteem service
  3. Get free upvote from busy.org daily and earn from referral bonus

Buy/Sell/Trade Altcoins
http://bit.ly/Binance-GetAltcoins
http://bit.ly/kucoin-GetAltcoins

Buy bitcoin easily, go for coinbase (you get $10 bonus) :
http://bit.ly/Coinbase-BuyBitcoinFastEasy

Earn Free bitcoin/satoshi and lottery ticket (it's kinda of slow, well it's free though and bonus if you win the lottery) : https://freebitco.in/?r=11267717

Earn Free bitcoin/satoshi from watching ads : https://ref.adbtc.top/637835

Get 3% discount when you buy Genesis mining contract using my referral code - HscXrw

Social Media
Steemit ► https://steemit.com/@onepercentbetter
Youtube ► https://www.youtube.com/c/1PercentBetterToday
Facebook ► https://www.facebook.com/1percentbettertoday/
Instagram ► https://www.instagram.com/1percentbettertoday/

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

As expected the weekend saw very slow movements within the crypto currency market, with prices ranging between $8,060 - $8,310. Price consolidated mainly around this area for the majority of last week, unable to breakout of this range and continue its movement. This could be a very good thing, as consolidation within a strong area can often mean price is slowly gain strength and will eventually breakout, which way is breaks out is still hard to speculate.

When we go down to the 4hr chart we can see the clear consolidation and range that price is ranging within. Late last week price broke to the downside but it was only momentarily, with price being rejected at the $7,800 region and quickly shooting back within the $8,060 - $8,310 range. I wont be actively trading BTC until it clearly breaks this range. If price can break to the upside and close above the major psychological level of $8,600 which i believe it will, we could see price take off towards the $10,000 region.

Screen Shot 2018-07-29 at 5.49.37 pm.png

·

yeah stick to your plan. i m in position from the 2nd step staircase pattern spike pullback. Let see if we will have the 3rd steps spiking to test 8500, 8600 which is abt the 200 day MA too, closing above like what you mentioned then we may see more bulls volume.

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by onepercentbetter from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.