Looking at Renko bricks - a price tracker known for cutting down on "the noise of the market" by not making movements with each and every movement in price over time -- instead onlyadding another tick or "brick" when pricemoves...
So as you can see in our BTC daily chart here, as we know: when a commodity's price-lows are getting lower, while one of its indicators "lows" are getting higher, this is known as a Bearish Divergence. Here we're seeing this occurring in both the Relative Strength Indicator (RSI) and Moving Average Convergence Divergence (MACD). A "Double" Bullish Convergence. Indicating, supposedly, a turn toward the LONG side.
As we all know, in the more immediate past, Bitcoin has surely been tending toward the bearish side - falling from approx. $7100, to hovering now just above the $6900 point at the time of this writing. And personally, I'd had a short in place expecting it to go even lower. But I took it out after seeing this trend as I've just outlined.
These facts, in conjunction with my earlier analysis, focusing on the larger "falling wedge" / channel - something that's tends to eventually culminate in a run-up. And if you simply look at the overall "trend" of recent price action, there does appear to be a subtle but distinct "shift" in direction, slowing down the momentum of the Bears, and "Rearin the bulls to get up and go," so to speak :) So, overall, I'm still overall optimistic on bitcoin's future.
Comments, opinions? Experience with Renko Bricks/ bars?
So as you can see in our BTC daily chart here, as we know: when a commodity's price-lows are getting lower, while one of its indicators "lows" are getting higher, this is known as a Bearish Divergence. Here we're seeing this occurring in both the Relative Strength Indicator (RSI) and Moving Average Convergence Divergence (MACD). A "Double" Bullish Convergence. Indicating, supposedly, a turn toward the LONG side.
As we all know, in the more immediate past, Bitcoin has surely been tending toward the bearish side - falling from approx. $7100, to hovering now just above the $6900 point at the time of this writing. And personally, I'd had a short in place expecting it to go even lower. But I took it out after seeing this trend as I've just outlined.
These facts, in conjunction with my earlier analysis, focusing on the larger "falling wedge" / channel - something that's tends to eventually culminate in a run-up. And if you simply look at the overall "trend" of recent price action, there does appear to be a subtle but distinct "shift" in direction, slowing down the momentum of the Bears, and "Rearin the bulls to get up and go," so to speak :) So, overall, I'm still overall optimistic on bitcoin's future.
Comments, opinions? Experience with Renko Bricks/ bars?
Not
It's lookin like we mayyyy have been actually close to right on this one... it appears things mayy be turning around here, and the proverbial "bottom may be in..." -- @ ~ $6600 .... We sall shee!!! I know I just got lucky closing out my short, and plan to begin just accumulating for the moment. What about you all?
İşlem kapandı: hedefe ulaştı
Yay!! Seems we were right on this one, folks!! To anyone who longed and benefitted from the 5% jump, congratulations!! gj
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.