Renko Bricks -- ? BTC Daily showing Double Bullish Divergence
Looking at Renko bricks - a price tracker known for cutting down on "the noise of the market" by not making movements with each and every movement in price over time -- instead onlyadding another tick or "brick" when pricemoves...
So as you can see in our BTC daily chart here, as we know: when a commodity's price-lows are getting lower, while one of its indicators "lows" are getting higher, this is known as a Bearish Divergence. Here we're seeing this occurring in both the Relative Strength Indicator (RSI) and Moving Average Convergence Divergence (MACD). A "Double" Bullish Convergence. Indicating, supposedly, a turn toward the LONG side.
As we all know, in the more immediate past, Bitcoin has surely been tending toward the bearish side - falling from approx. $7100, to hovering now just above the $6900 point at the time of this writing. And personally, I'd had a short in place expecting it to go even lower. But I took it out after seeing this trend as I've just outlined.
These facts, in conjunction with my earlier analysis, focusing on the larger "falling wedge" / channel - something that's tends to eventually culminate in a run-up. And if you simply look at the overall "trend" of recent price action, there does appear to be a subtle but distinct "shift" in direction, slowing down the momentum of the Bears, and "Rearin the bulls to get up and go," so to speak :) So, overall, I'm still overall optimistic on bitcoin's future.
Comments, opinions? Experience with Renko Bricks/ bars?
So as you can see in our BTC daily chart here, as we know: when a commodity's price-lows are getting lower, while one of its indicators "lows" are getting higher, this is known as a Bearish Divergence. Here we're seeing this occurring in both the Relative Strength Indicator (RSI) and Moving Average Convergence Divergence (MACD). A "Double" Bullish Convergence. Indicating, supposedly, a turn toward the LONG side.
As we all know, in the more immediate past, Bitcoin has surely been tending toward the bearish side - falling from approx. $7100, to hovering now just above the $6900 point at the time of this writing. And personally, I'd had a short in place expecting it to go even lower. But I took it out after seeing this trend as I've just outlined.
These facts, in conjunction with my earlier analysis, focusing on the larger "falling wedge" / channel - something that's tends to eventually culminate in a run-up. And if you simply look at the overall "trend" of recent price action, there does appear to be a subtle but distinct "shift" in direction, slowing down the momentum of the Bears, and "Rearin the bulls to get up and go," so to speak :) So, overall, I'm still overall optimistic on bitcoin's future.
Comments, opinions? Experience with Renko Bricks/ bars?
Trade closed: target reached:
Yay!! Seems we were right on this one, folks!! To anyone who longed and benefitted from the 5% jump, congratulations!!
gj
gj
What about you all?