Bonavest

Bitcoin Trading Basics - Using Renko Bars and Support/Resistance

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In this Video Chart I just wanted to introduce new traders to another shiny tool they can add to their toolbox. I think for even the smaller time frame traders, looking at trend direction on the higher time frames like the daily is important to give bias to your positions. Because Renko bars are based on price and not on time this helps clear up all the noise of the ups and downs and concentrates on the overall direction of the underlying instrument being trading.

Check it out and compare it to your existing charts and/or use it to bias your trades and let me know in the comments how it works out for you.

*EDIT: I said in the video Renko bars are for 'Ranging' markets, but I meant to say 'Trending' markets. Ranging is when price tends to go up and down alot . However, the Renko bars will tend to smooth out the ranging on smaller timeframes.

Trade closed: target reached: So Istarted payign attention to this chart after I made the video and check it out... so beautiful. $11,200 was the next resistance level and it just touched it perfectly as well as the 200 SMA.

Great video man, Much appreciated. This video will help me out a lot.
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Hi Bonvest, really great indicators. Would it be possible to see the source code? Or if not, can you refer me somewhere I can review it? thank you
+3 Reply
Excellent and easy to understand. Thank you.
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Thank you very much for your efforts. Very interesting info you shared and is much appreciated!
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Thanks for this. Been thinking of adding renko to my arsenal for some time now. The concept of following price and time sounds very good. Appreciate you sharing this.
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@electo, It really smooths out price action that may be going up and down, but in the end the price doesn't really move up or down much based on the period (in the case of the video, 1 day).
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Really enjoyed this video... nice job and thank you.
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I remember you from 2013! Thought you quit for good, nice to see you back... hope you still held your 90BTC ;)
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Bonavest devilninja777
@devilninja777, Yeah I've been in and out of Bitcoin so... woulda, coulda, shoulda. But hey the Senate said... 20 Trillion! #20T2020
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@Bonavest, Regardless, $50K BTC is happening, probably this year... it's time to accept the inevitable
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