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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin price BTCUSD august 22 2022

WATCH: Powell Versus Bitcoin Price Log Curve | Daily TA August 26, 2022

Tony Spilotro by Tony Spilotro
5 months ago
in BTC
Reading Time: 4 mins read
Advertisement

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.

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Related Reading: WATCH: Will Powell’s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022

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.

Related Reading: Logarithmic Growth Curve Charts Bitcoin Price At $170K in 2028

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?

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 BTCUSD_2022-08-26_12-08-54

The log curve has never been broken | Source: BTCUSD on TradingView.com

Power Law Corridor Offers Alternative Take With Lower Support

Some might argue that the log curve is subjective – it is. In the video, we’ve chosen to draw the curve across candle closes allowing a wick below. Slightly adjusting to draw across wicks creates more room at the bottom of the curve.

Related Reading: Power Law: Tracking Bitcoin’s Growth to $100K and Beyond

There is yet another longer-term growth model, called the Bitcoin Power Law Corridor that is less subjective overall. Turning the tool on aligns with both versions of the log curve. The 2018 bear market bottom stopped at the same line we are at now, while the Black Thursday bottom in 2020 fell to the level below.

BTCUSD_2022-08-26_12-09-05

Bulls could be ready to power-up! | Source: BTCUSD on TradingView.com

A Long-Term Look At The 200/100/50-Week MA

For our final long-term look at Bitcoin, we are analyzing the 200, 100, and 50-week moving averages. Unfortunately, Bitcoin remains below the 200-week moving average which is a negative sign. The moving average has acted as bear market bottom support in the past and could be working as resistance currently. The 100- and 50-week moving averages are also about to form a death cross – which is the reason for calling out this tool.

In the past when the 100 and 50 week moving averages cross in Bitcoin, the bottom was already in, and the crypto market began to move up shortly thereafter. Once again, is this time different?

BTCUSD_2022-08-26_12-08-19

Is this time different? | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

All this week at Elliott Wave International is Trader Education Week. Here is free access to five exclusive videos from one of the world’s best Elliott Wave analysts. You can also get the Elliott Wave book for free with a no cost signup.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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