Perhaps the crash was only a correction

[Kazu]

Forgive me if I am being dense, but isn't the entire point of a log scale is to make trend lines drawable?

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[afbitcoins]

Way to draw support lines exactly as they fit you.

Thats where they fit the data. I drew that line in the same place all through February. Check my blog if you don't believe me 

[afbitcoins]

I started off drawing my lines on linear scales but found they were only accurate for short time periods. Log scale works because the price rise is exponential.

[Wuji]

Sorry to repeat myself:

$83 or so was on March 23rd an inflection point where we kicked into a higher rate of exponential growth.

This is where things got unsustainable and people started screaming "Bubble!" or if they were doing so already, shouting it even louder.

If we see the price dip and gravitate loosely around this point in the next few days we would be on a previous upward trend which stretched from Jan 9th to March 23rd and to some degree, beyond.

Bear in mind we are seeing a decent-sized bid wall at $76 and that the ask wall isn't so much a wall as a gentle ramp.

Pick your entry point, gird your loins and ride this up.

Actually most investors I talk to were screaming Bubble based on the run up from Jan to Mar. 17th (after that they were just saying tulips).  They are interested in tangible commodities and not virtual commodities.  When BTC is adopted as a currency and passes the regulation litmus tests then I expect it to go sky high.  Until then I don't think most real investors are taking this seriously or even getting involved (none I have known for 10+ years are).  I only bought in below $14 a long time ago because I'm a computer guy and think it is a cool idea.

[thefiniteidea]

Forgive me if I am being dense, but isn't the entire point of a log scale is to make trend lines drawable?

It helps with trends that rise exponentially, like Bitcoin. But no, that is not the entire point, nor is it really the basis of log charts.

Way to draw support lines exactly as they fit you.

Thats where they fit the data. I drew that line in the same place all through February. Check my blog if you don't believe me  

You're chart may not prove anything in terms of future price (no one can?!), but what's certain is that you don't need to worry about responses from internet-children who can not see things that are blatantly apparent to everyone else 

[nebulus]

I don't understand why people call this a crash. Somebody just had a lot of bit coin to fill a lot of pending orders. A thing of the sort has a different name.

[evolve]

I don't understand why people call this a crash.

Maybe the 75% drop in value within 2 days?

[Ichthyo]

I don't understand why people call this a crash.

Maybe the 75% drop in value within 2 days?

after an increase of 100% also in just some days?

[Odalv]

I don't understand why people call this a crash.

Maybe the 75% drop in value within 2 days?

why not ?

[Ichthyo]

you could call it "crash" only in hindsight.
In this case, it must be the start of an large scale downward trend.


All these terms "correction", "dip", "crash" are qualitative to some extent: they express the relation to the whole context.
When a whole market segment performed just average over a long time and then with a single blow gets substantially reduced and then grinds down to a way lower category, than this is another situation as when a single stock, asset or instrument had a short period of completely out-of-range growth, and finishes this period with a set-back.

[evolve]

after an increase of 100% also in just some days?

Don't tell anyone, but thats how bubbles work....

[move_zig]

A linear line on a logarithmic chart is perfectly valid. It indicates a steady rise in value. The angle of the line corresponds to the growth rate.

[HighInBC]

A linear line on a logarithmic chart is perfectly valid. It indicates a steady rise in value. The angle of the line corresponds to the growth rate.

The thing is that a "line" on a log scale is not a line or an angle, it is a curve.

[arepo]

everyone's yelling BULLTRAP, but the hands that are buying right know seem pretty damn strong. the big hands waited a long damn while (two-hundred and sixty-six USD? really?) the first time around, why not just pull the pump n dump again, immediately! anyone who wanted to sell already has, and those who are comfortable holding will continue doing so.

i thought bulltrap, too, but that ask depth is soooo thin and the price just keeps stepping up the staircase...

[move_zig]

A linear line on a logarithmic chart is perfectly valid. It indicates a steady rise in value. The angle of the line corresponds to the growth rate.

The thing is that a "line" on a log scale is not a line or an angle, it is a curve.

If it's linear, it has a rise over run. That angle corresponds to a specific constant growth rate.

I'm just trying to explain some math to the people that don't understand the significance of straight lines on log charts.

[Zangelbert Bingledack]

I started off drawing my lines on linear scales but found they were only accurate for short time periods. Log scale works because the price rise is exponential.

Really because the fundamental indicators are all increasing exponentially. Most relevantly the number of people who even know about Bitcoin, as well as those who have taken the time to learn about Bitcoin.