BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Analizing the daily chart on renko visualization i put a good indicator to find the possible bottoms. As you can see when the bars turn from grey into green we have a good chance to find the bottoms, in particular if combined with bars that reach a top and begin to retrace. Now we have the green phase that lasts from 2 bars and we need a confermation to find the bottom. I put a channel that touches the lows and draw a parallel line on other significant lows to find the possible targets. Drawing the trend based fib extensions i have found the 345 area as a possible reversing area, otherwise this brings to the 300 area in the worst scenario. If the green bar decreases from now we have probably reached the bottom.
Good luck for your trading
Love your chart - interested to see where things are at now that the $300 area has been reached.
Looks to be going much lower than $300 though
cantestogo AdrianThomas
Thanks, the general idea seems holding, but standing at present move to 300 area if the bulls don't take the control on the market the bottom could be even lower. Need to see good reversal signal to go long.
AjmBullion cantestogo
How does one access your model there because it generally seems to be awesome as every time the green bar is at a certain height buying bitcoin around that point seems relatively profitable. Maybe more risky on a leveraged trade.

I'd just love to have the use of an indicator like that.
How often do you post charts as scanning through here its one of the best if not the best in my opinion
That's a little correlaction with some significant levels on daily chart
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