The Renko chart for Bitcoin (BTCUSD) on the daily timeframe gave the first buy signal after hitting support on 10-Nov.
This signal was negated 21-Nov. and on the 30-Nov. and 13-Dec. two additional buy signals... Just to be negated again 19-Dec. but this time within a higher low.
It's been a while since we read the Renko chart, we forgot completely about it but look at this...
On the 11-Jan. came in another buy signal as BTCUSD moved above EMA10 daily and it continues green.
No more sell signals. No more negations.
A new green brick is in the process of being placed. Renko continues bullish as long as no red bricks are placed.
Bitcoin is bullish on the daily Renko chart. The weekly is still red though.
It's still around. History repeats, I think that new high is inbound but further down the track... along way down the track.
AlanSantana
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@gremic, True. It will take years... We believe the new ATH happens in 2025.
2023 is just recovery year. 2024 grow year. 2025 bull-run year.
TradingShot
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Thank you for your work! Have a glance at our viewpoint:
40469468c5064b1aaf1b59d741c80d
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how i can dislike???
reiiss7
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Nice! I have not looked into Renko much. After how many blocks would it be a buy signal or do you consider only when above EMA's?
AlanSantana
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@reiiss7, Any block is a buy/sell signal as Renko is intended for trend reversals.
Green block = buy. Red block = sell.
At one point you get the full wave down or up if you follow the signals... This can be easily confirmed by looking at the chart.
If you took the signals since November, you would get out twice but then stay in through the entire bullish wave. Same for the downwave in June and March 2022.
InvestingScope
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Great technical analysis, thank you for sharing. Hope you don't mind if we share ours too: