This is a rehash of a recent idea I had in a different scale. Maddie requested that I do this chart in log scale, so I did, and as you can see, the results are pretty much the same. The target based on the interception of the bull flag and the long-term trendline is still about $250.This, I believe, is the "crossroads" for bitcoin.
Interestingly enough, the chart looks about the same as it does in linear scale, except that the long-term trendline is lined up against different points, the first being the lowest point on Bitstamp data.
However, I would be cautious using log scale since I don't think the price is going to rise exponentially forever. As for the trendline, however, this is the last long term log trend line before we truly drop into uncharted territory according to the data we have available for this chart (excluding old Mt. Gox data). The fact that the $250 level is crucial on both the log scale and linear scale, so either way, we are approaching an important point in bitcoin's history.
BTC Donations:
1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4
Thanks!
Interestingly enough, the chart looks about the same as it does in linear scale, except that the long-term trendline is lined up against different points, the first being the lowest point on Bitstamp data.
However, I would be cautious using log scale since I don't think the price is going to rise exponentially forever. As for the trendline, however, this is the last long term log trend line before we truly drop into uncharted territory according to the data we have available for this chart (excluding old Mt. Gox data). The fact that the $250 level is crucial on both the log scale and linear scale, so either way, we are approaching an important point in bitcoin's history.
BTC Donations:
1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4
Thanks!
