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Bitcoin: From 64,840 feet (updated)Continuing my (unreasonable?) interest in radial lines as a type of TA, here's an additional curious take on the familiar 12-year Bitcoin price chart. Explanation: The yellow radial lines go from a low to the previous high. The convergence area is circled in yellow. The orange radial lines go from a high to the previous low. The convergence area is circled in orange. Notes: The price action on this BLX Index records the daily *close* price. It does not record the daily highs or lows -- which is unfortunate since minor price differences can make a significant difference on these *long* radial lines. It is striking that the orange radial lines converge on the area of Bitcoins origins (original date and price). Significance? I don't put much faith in the last yellow radial line because of the very late 2023 date, but it does represent an interesting "idea". Based on the price action over the past four months, I believe Bitcoin will bounce off the lower parabola *much* sooner than 2023. By the way: I'm somewhat critical of those who "fit" a couple of curved lines to Bitcoin's 12-year logarithmic price chart and call it gospel. Parabolas are a *specific* type of mathematical curve. Parabolas are "natural" functions that appear in nature and in many systems and processes -- even (surprisingly) in many that appear to be random and chaotic. The fact that one can fit mathematically-precise parabolas to the highs and lows of Bitcoin's 12-year price history is, in itself, surprising -- and adds some weight to the significance of such charts. Sincerely, Bullbearish (I’m a Bull. But Bear happens.) PS: Nothing I post should be construed as trading or financial advice.
BNC:BLXShort
by Bullbearish
1
Bitcoin: From 64,840 feetContinuing my (unreasonable?) interest in radial lines as a type of TA, here's a curious take on the familiar 12-year Bitcoin price chart. I don't put much faith in the last radial line (because of the late 2023 date), but it does represent an interesting "idea". By the way: I'm somewhat critical of those who "fit" a couple of curved lines to Bitcoin's 12-year logarithmic price chart and call it gospel. Parabolas are a *specific* type of mathematical curve. Parabolas are "natural" functions that appear in nature and in many systems and processes -- even (surprisingly) in many that appear to be random and chaotic. The fact that one can fit mathematically-precise parabolas to the highs and lows of Bitcoin's 12-year price history is, in itself, surprising -- and adds some weight to the significance of such charts. Sincerely, Bullbearish (I’m a Bull. But Bear happens.) PS: Nothing I post should be construed as trading or financial advice.
BNC:BLXShort
by Bullbearish
5
TA Radial Scaffolding, BTC, 15 minutesCan anyone explain what underlying technical analysis principals define a pattern like this? Please explore this chart from present to past and let me know what you think. The origin point for this "radial scaffolding" is at $7,510.00 (2017-11-14 17:00:00). If you draw a trend line from that point through the chart history, you'll often find many matching points and oscillations around these trend lines going back as far as you want to look. Rather than matching only high, low, open or close points on the candles (the way most TA trend lines do), these trend lines will cut through the graph matching many areas. Some points will hit the trend line perfectly, other areas appear to be a tight consolidation around the trend line without necessarily hitting points exactly (reminds me of a tether ball swinging around the pole). In other places two adjacent trend lines will form a clear channel which the graph follows. It's the radial nature of the trend that's intriguing. Trend lines which match several recent points, will also match multiple points in the past. To me, it looks a lot like the way lightning crosses the sky, or water rolls down a window taking the path of least resistance. There's clearly a pattern here, but the way it jumps from one line to another seems random and probably not useful for predictions. Please scroll through this chart looking at different time intervals and dates (looks like the published chart won't allow you to change the time intervals so I'll publish a couple more versions at different intervals), notice the areas I've highlighted. In particular, notice how the top three trend lines intersect recent trends as well as trends all the way back to early 2015. I find it very interesting and I'd love to know more about it. I'm not a TA expert by any stretch or even a great trader. I've been learning some of the basics of technical analysis and this pattern has me scratching my head. I don't know how to interpret it, led alone draw any conclusions from it or make any predictions based on it. Hopefully someone can point out what principals this pattern works on and I can study up on it further. This chart represents only a single-origin radial trend, but I've got another chart that I'll publish showing other overlapping radial trends like this. The multiple origin charts however get very messy. It's all a very interesting mystery to me.
COINBASE:BTCUSD
by coffeetime