Renko analysis shows that Bitcoin is at a critical point. Bitcoin is right below the support/resistance of the Renko swing area. Bitcoin is actually testing this resistance/ support level . Bitcoin's reaction to this support/resistance level is critical. If Bitcoin breaks up this resistance level and enters the swing area again, this can be an important signal...
After respecting the 40-brick moving average, Bitcoin returned to the previous swing zone. This is not a good signal for Bitcoin. With this re-entry, the recent price rally should be viewed as a potential upthrust.
BTC respected the moving average of 40 bricks. If Bitcoin reaches the brick price level of $20,900, it re-enters the swing area again. In this case, the recent price rise should be considered as a potential upthrust, and there is a possibility of further price reduction and breakdown of the pattern.
Bitcoin is above the support level of the swing area of previous cycle. It is vital that Bitcoin can maintain itself above this support level . A loss of this support will cause a much larger drop in price
As I predicted before, Bitcoin has started an uptrend (possibly short-term):
In the Ranko chart, Bitcoin respects the support area of the Ranko MA channel and forms a green brick. The bitcoin target will be the middle line of the channel (33500-34500$)
Although we have seen rapid growth in SPX over the past few days, this is not a confirmed reason for an uptrend. Although this may indicate a potential spring, SPX must break the swing area to confirm it. In Renko analysis, we see a bearish crossover of MACD and also the breakdown of the RSI support line
Bitcoin respected the moving average of 40 bricks in the daily time frame of the Ranko chart. This indicates that the bitcoin bear bias still continues, and we still do not see any sign of a possible change in the trend
As can be seen in the chart, Bitcoin is in the Support zone:
1- It is on the border of the Komo cloud
2- Above the support of the moving average of 40
3- ABove the support level of the Swing Zone
Bitcoin's reaction to this support area will affect its short-term and even long-term trend
BTC reacted to the resistance of Kumo Cloud. It is still is inside of Kumo Cloud and above the support level of range area. In Renko analysis, the future trend can not be confirmed until it re-enters the range area or exits the Kumo cloud.
Although Bitcoin has broken up the resistance level of the Swing pattern, it is still inside the Kumo cloud, below the Kumo cloud resistance and the Renko resistance level of $ 47,000. It is recommended not to trade until bitcoin exits from the Kumo cloud in the Ranko chart.
In Ranko chart analysis, the moving average of 20 and 40 bricks are important supports and resistances. In my opinion, despite the increase in the price of bitcoin in the last few days from $ 33,000 to $ 41,500, this price increase can not be interpreted as a change in the trend. Bitcoin is located in an area where it has swung between $ 29,000 and $ 41,000...