We have a very strong buy signal on the 4H RENKO chart for Bitcoin (BTCUSD)... Let's have a look.
We use RENKO to spot trends. Trend reversals.
Each time a new brick is laid down, this is either taken as a buy (green) or sell (red) signal.
Each time a new green bick is laid down, this is considered a buy signal.
We can see a higher low higher with a green brick active and one that already closed = buy.
We can also see prices going above EMA10 and really high volume... This is the important one (=buy).
We are seeing the highest volume on the current/active brick since around 2019... This is very interesting since the volume indicator is the best indicator that can be used for confirmation.
Here we have another charting system giving out bullish signals.
Note: No bullish signals on the higher timeframes using the RENKO system. This is an early signal.
Namaste.
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Two new green bricks. We continue bullish...
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There is no going back above 22.4K...
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Technically it looks correct. fundamentally i think we should be patient as a proxy to the fed monetary policy. the bull market is not prese
AlanSantana
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@JoeChampion, Not a bull market, just a price bounce. "Relief rally".
Bitgolder
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@AlanSantana, A relief rally all the way to at least 80k, and if we break the megaphone then I'll see you at 200k at least before the next real bear market.
AlanSantana
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@Bitgolder, That would be a bullish impulse rather than relief rally.
Bitgolder
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@AlanSantana, I know I was being a little sarcastic. :)
Thanks mate. We agree. Full disclosure: we are buying now. Waiting for 17k or lower is no different from those who were waiting to sell at 100k and missed out. Now they’ll miss out again because they’re waiting to buy at 17k ! 🕉