Here is a Renko chart (Brick size = $550) showing clearly the regions of support/resistance, in this case supply/demand.
You can see clearly that the area where demand outweighs the current supply has been increasing over time, we've seen less supply & more demand slowly over time. This is hard to visualize on a candlestick chart so I've shown it on Renko to remove the noise amongst the normal volatile nature of Bitcoin.
The areas where supply outweighs demand has coincided with the local tops on BTC where we fell to find a new demand area.
Currently we are in an immediate demand zone which was previously a supply zone & could make a move to find our next supply zone or test the current supply zone above to turn it into demand.
Looking at the 200EMA, we can see the last wick lead to a major price rally, into a new over-supply region. We have just wicked off the 200EMA in this current demand zone, which could spark a new rally to determine supply/demand levels higher.
Looking at the worst case scenario, our previous demand area will be where I'm looking for support if BTC was to lose current demand.
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I think the play feature doesn't work on Renko charts so I will manually post updates here
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Closer view at the more relevant area of the chart
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Looks like Elon liked the local demand area 😂 Renko brick closed green following the Elon & Tesla announcement on twitter!
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Zoom in of current PA
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We just closed above the 100EMA!!!
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Inching back into demand area with current market volatility, let's see how the markets play out
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Close just above the demand area, lets see how the market reacts
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Market has reacted unfavourably & has fallen below the local demand area, looking for an immediate reversal or bounce from psychological support
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Areas of interest below added
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We've confirmed support in previous S/R zone, we could see some upwards movement from here!
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Zoomed in
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Further confirmation of support found!
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Further bullish momentum, closed another green brick just under the 200EMA Let's see how the market reacts
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Bullish momentum drove the price over the 200EMA & Demand area! Let's go!
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Nice, we've closed some more bullish renko bricks, further confirming bullish momentum
Things are looking good, we've overcome the 100EMA & I've added both the 10 & 20 EMA's as well
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Areas of resistance above have been added now
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Closed a red brick close to resistance, Could be support around the 100EMA now however
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It was just a temporary pullback, we've closed another few bullish bricks & the 10 & 20 EMA's have crossed above the 100EMA, confirming bullish sentiment
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More bullish indication as another green brick has printed
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Updated with PA for the original chart!, currently around the previous supply area, looking to turn this to demand area before we make a major move to find the next supply area
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Zoomed In:
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Just broke a key resistance for a bullish brick close!
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Having a bit of a battle with resistance, bulls not giving up!
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Looking good!
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Turning previous resistance to support currently
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Initial 10% target has been reached, waiting for confirmation of new supply area
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Re-arranged a few things & here is the current PA
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Updated
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Previous resistance looking to become support
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New BTC Idea:
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New Idea:
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Another Idea has been posted:
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New BTC Idea:
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Scary near-perfect rejection from that 0.382
^closer view
^Same fib but low time-frame
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Related charts are scattered throughout this idea: