I like it when you arpeggiate the harmony, it is very nice. I don't have to much knowledge when it comes to composing for guitar so I will tell you want I can hear, which is either good or bad
First of all, I think that a slight tempo increase would lighten the piece a bit, make it a bit more lively - although that might not be your intention.
Even though you are improvising some parts, which I experience can get a bit hacky - nothing wrong just have to practice it away. You somehow do something to gain the listeners interest just when it is about to fade into a rather crucial moment.
Cannot say much more, since there is no score, but on the other hand it was an improvisation.
I think you should continue with such piece, it helps ones playing a lot. I am not a great improviser, just fairly good. What I do when I improvise, to have some writing material for later, I simply sketch down a harmonic structure which I will follow. I just read the chords and from there I develop a melody; it takes time in the beginning to know how too place your fingers (piano in this case) so that you can easily create a melody.
I guess same thing goes for your guitar improvisation, you need to be able to handle each spontaneous chord and know many different ways to play the same harmonic progression.
I hope it is sensible, my comment
