MikeMoh

BTC looks so ugly on the LOG SCALE.

BITFINEX:BTCUSD   比特幣 / 美元
NO FUD here just facts !

Let's get right into this.

Looking at the Linear scale ( )

BTC looks as if it has broke the down trend coming from ATH . but then the momentum is very slow,this is not how the market should response to a MAJOR break out like this. usually when such a break out like this happens, we see massive increase in volume as well as PRICE. but this just did not happen , why so ??

looking at the LOG scale
here >

( which most of the time give a BETTER observation and understanding ) we see that BTC is approaching the MAIN DOWN TREND and have not broke above as in the Linear scale.

therefore he are 2 scenarios which may happen from right NOW to 2-4 days AT MOST.

1- BTC will touch or nearly touch the trend line and bounce back down in a very ugly way !
2- BTC breakes up , close above and then take off to 11K in no TIME.


what do i think ?? I do not want to guess the market, am moving my long potions SL which most entered at down trend 64**$. just a few hundreds from current price. and i am going to wait for the action to happen , i prefer to jump in a bit late than TOO EARLY.

btw this apply to alt coins too. once BTC starts moving everything will follow and vice versa.
do not say i did'nt warn ya :D

Good luck
Well there is no such thing as fact because TA is never guaranteed its just a reference to where it MIGHTT MIGHTTT go
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I appreciate the simplicity of your chart. I think the reason why it didn't push up in a more dramatic way is because bears have manged to terrify a lot of people who would otherwise be very bullish. There's also a lot of bad TA on TV misleading people to wait for 4k instead teaching people how to manage trades.
+1 回覆
@rev214us, It should be mentioned that there's also a lot of bad TA on TV misleading people to think that new ATH is imminent as soon as it stops falling. Bulls have managed to mislead a lot of people into holding or buying into every bulltrap on the way from $19k to $6k.
+3 回覆
rev214us wowsuchmonies
@wowsuchmonies, I agree. I don't go with the hodl train. It's best to plot the MOST IMPORTANT support and resistance levels and make decisions based on what happens when price reaches those areas.
+1 回覆
rev214us wowsuchmonies
@wowsuchmonies, I am also a strong advocate of trailing a stop loss.
+1 回覆
MikeMoh rev214us
True said
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