In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at the Bitcoin logarithmic growth curve, the Power Law Corridor, and the 200/100/50-week moving averages.
Take a look at the video below.
VIDEO: Bitcoin Price Analysis (BTCUSD): August 26, 2022
US Fed Reserve Chair Jerome Powell’s speech today is already having an impact on markets, with Bitcoin losing support at $21,000 and in danger of falling deeper into a bear trend. With the crypto market in doubt, in this video we zoomed out.
Log Growth Curve Continues To Support Price Action
In this zoomed out view we are taking a closer look at the Bitcoin logarithmic growth curve. A logarithmic growth curve increases quickly at the start but gains decrease and become more difficult over time. The log growth curve is closely tied to the law of diminishing returns.
This type of early growth forms naturally. For example, children learn more easily than adults; when dieting, weight comes off faster to start; or in contrast, beginner strength training gains stack up quickly but over time plateau.
The log growth curve has supported the entire history of Bitcoin price action and put a stop to every bull market. On Black Thursday in March 2020 and on August 20 2015 Bitcoin left a wick below the log growth curve. Each time resulted in a powerful bull run. According to legendary investor Sir John Templeton, “The four most dangerous words in investing are, this time its different” Is this time really different?
The log curve has never been broken Source: BTCUSD on TradingView.com
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Featured image from iStockPhoto, Charts from TradingView.com
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