BitcoinUpdated BITCOIN 2N THEORY
BITCOIN 2N THEORY
Naive application of nametics to Bitcoin. Bits, or binary digits, are the most basic units of information in computing. As binary objects they take one of two values such as 0 or 1. Bits are conventionally grouped together in bytes which have a length that is a power of 2, which is represented as 2^n, which we reduce simply to 2N for aesthetic reasons.
Our hypothesis is that Bitcoin's name leads the price action to seek out, and often congregate, around horizontals which are powers of 2, such as 0.5, 1, 2, 4, 8, 16 etc. Note that exponents need not be positive definite, in other words powers may be fractions or integers less than 2.
Back testing we observe that these powers-of-2 levels enjoy some significance. Whether they do so in the future remains to be seen.
We include an old chart for posterity.
N.B. It may be of interest to determine whether Benford's Law can be applied to this and it what way.
Tags: numerology, nametics, astrology, wicca, voodoo
Naive application of nametics to Bitcoin. Bits, or binary digits, are the most basic units of information in computing. As binary objects they take one of two values such as 0 or 1. Bits are conventionally grouped together in bytes which have a length that is a power of 2, which is represented as 2^n, which we reduce simply to 2N for aesthetic reasons.
Our hypothesis is that Bitcoin's name leads the price action to seek out, and often congregate, around horizontals which are powers of 2, such as 0.5, 1, 2, 4, 8, 16 etc. Note that exponents need not be positive definite, in other words powers may be fractions or integers less than 2.
Back testing we observe that these powers-of-2 levels enjoy some significance. Whether they do so in the future remains to be seen.
We include an old chart for posterity.
N.B. It may be of interest to determine whether Benford's Law can be applied to this and it what way.
Tags: numerology, nametics, astrology, wicca, voodoo
Note
Trade active
Potential "spinning top" pattern
Could indicate reversal, chances about 50:50. If so expect buy ops anywhere between 0.382 and 0.618 retrace. However, this is not a very strong reversal signal. The following daily candles will be decisive.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.