#BITCOIN - Renko Chart is BULLISH as Well

Renko charts are showing the main direction of the price movement by filtering out all noises which we see on the regular price chart. Moreover, every brick has the same range, thanks to this we can easily find horizontal levels and patterns which forms by horizontal levels.

Today on the Renko chart we can see a fixation of the price above the important horizontal level of $9650 which means that the upward movement will continue. But that's not all I have to say. We can't predict an exact price for this upward rally, but we can mention a couple of horizontal levels where the price can form a double top and reach the descending resistance.

The rough location of the key points:
1. The first key resistance level is located at the $11100 where we can see a crossing of the up-trend line and descending resistance.
2. The second key resistance level is located at the line of the previous local high level, in the range about $12860.

However, these levels were determined by Renko chart and hope you all know that we can't base our TA only on this chart, as it gives very general information. To make the situation clearer we have to open a regular Jap. Candle chart, it will help us to find the exact levels.

(I want to note that the ascending and descending lines, in contrast to the horizontal ones, on the Renko chart rarely coincide with the ascending and descending lines on the candlestick chart, therefore, using the intersection point of the trend with resistance, we will look for the exact horizontal level on the classic chart, or an identical descending one)


Here we were not able to find an identical downward level, however, we successfully find resistance at $10900, which can be considered as our current resistance of the downward trend according to Renko.

Now, let's move to the $12860 level:


Here we can see almost 100% similarity. The price took hold below the $12940 level and left huge shadows above, in the range between $13200 - $13900. Therefore we can consider the range of $12800 - $13800 as the one big and strong resistance. The breakout of the $12860 on the Renko chart would mean a continuation of the up-trend, as it just happened now when the price broke the $9650 level.