🅱️ Major Development, 1st Buy Signal Since July 2021 | Bitcoin Long
Bitcoin / US Dollar IndexBitMEX
Beschreibung
⋅ This is the first "buy signal" the Renko system gives for Bitcoin on the weekly timeframe since the major bear-market.
For confirmation, the week needs to close above $24,000 which is almost a done deal.
This would confirm a change of trend, Renko-wise.
We also have a harmonics pattern and many more signals can be extracted from this chart.
We have a long-term higher low when comparing June 2022 to October 2020.
If we were to activate some indicators, the bullish reversal signals would show up in large quantities.
A change of trend doesn't mean that Bitcoin must necessarily go up but if you use the Renko system it would mean "buy".
✔️ Each time you get a green brick = buy.
✔️ Each time you get a red brick = sell.
That's the Renko strategy simplified.
Looking at past history you can see how successful this system can be.
Very simple... It can be used with other charts as well.
It is a great tool for trend change confirmation, for long-term traders and can also be used on shorter timeframes.
Namaste. Kommentar
⋅ This is how the Renko chart is now looking, weekly and daily.
Weekly:
Daily:
Zooming in on the daily, it is extremely easy to spot the iH&S and a strong bullish bias: