Bitcoin Will Kiss 6300 !!!!
Seriously, who said that a 1 minute RENKO chart is so short time that you ASK FOR 15 MINUTES or above CHARTS?
oh well, taking that out of my system, had no other way but to choose a stupid range resolution, look at the chart bellow for the main chart and TA
Scary? Not when I walk you through it...
1- We had a positive trend in Bitcoin for few hours, you may saw it as a parabolic candle, but to me, no... it was clear as day ! Anyways, that upward move is ended and price broke bellow it, we have two head an shoulders one small inside the other possible one that would be bigger.
2- The small head and shoulder pattern will make a nice pattern of correction.
3- You would never see a simple corrective move in crypto, there is always 3 wave corrective move that i repeat Barry Burn in naming them "Reload Pattern". So, we can expect a second corrective move downward.
4- The target for the final price, is estimated using a retrace fibo on the upward waves in combination with a fibo extension on the possible downward wave.
It's not as scary as before is it? You know what? I was good at predicting markets, but these days, my accuracy rose up by magnitude of 2 or 3 ! Why? My modified version of Uni Renko charting, eliminates noise from market, not 100% because if I would do that (I could) then I would lose so much information from market and that information was critical. So, my charting system eliminates noise from market as much as possible without disturbing the critical information (like wave counting etc.). Also, because we don't have noise, as you can see in the picture I sent INSIDE the post, when you put your lines in parallel with previous waves, you can get a good estimation of TIME !!!
And all of this, is only the tip of iceberg called E.L.H.A.M trading system (Eliminate Loss, Harmony At Movement). And YES ELHAM has a meaning in Persian : inspiration !!!!