🅱️ Major Development, 1st Buy Signal Since July 2021 | Bitcoin

AlanSantana Updated   
BITMEX:XBT   Bitcoin
This is the first "buy signal" the Renko system gives for Bitcoin on the weekly timeframe since the major bear-market.

For confirmation, the week needs to close above $24,000 which is almost a done deal.
This would confirm a change of trend, Renko-wise.

We also have a harmonics pattern and many more signals can be extracted from this chart.

We have a long-term higher low when comparing June 2022 to October 2020.

If we were to activate some indicators, the bullish reversal signals would show up in large quantities.

A change of trend doesn't mean that Bitcoin must necessarily go up but if you use the Renko system it would mean "buy".

✔️ Each time you get a green brick = buy.
✔️ Each time you get a red brick = sell.

That's the Renko strategy simplified.

Looking at past history you can see how successful this system can be.

Very simple... It can be used with other charts as well.

It is a great tool for trend change confirmation, for long-term traders and can also be used on shorter timeframes.

This is how the Renko chart is now looking, weekly and daily.

Zooming in on the daily, it is extremely easy to spot the iH&S and a strong bullish bias:

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