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RE: Bitcoin trendline analysis 📈 latest update

in #cryptocurrency6 years ago

Thanks for the comments.

I firmly believe in eyeballing charts - pretty tools look nice, but have no more value than a few rough lines. I could draw lines in with crayon and be just as accurate - because a guess is still a guess - you can put lipstick on a pig, but it's till a pig. I don't delude myself with unnecessary formulae that fail to predict anything of significance. I don't believe that a good trader needs lines or tools at all! I normally only use lines and indicators to show what I think, I seldom use them for my own trading.

I disagree on the rising wedge. I think that the time period is too great, especially for crypto which tends to move very fast. And also it's a log chart. A linear chart looks very different and fans out as opposed to forming a wedge.

I use the log charts because they show equal percentage changes over time as opposed to equal USD changes - which are nonsensical when experiencing logarithmic (or super-logarithmic) growth.

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