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1/
It's been a while since I've done this so let's look at a more in-depth look on how $BTC is currently portrayed with Renko.
Do we have enough to support a fresh bull run?
What do pullbacks look like?
How's the HTF picture?
Let's go.
1/
It's been a while since I've done this so let's look at a more in-depth look on how $BTC is currently portrayed with Renko.
Do we have enough to support a fresh bull run?
What do pullbacks look like?
How's the HTF picture?
Let's go.
2/ Let's start with the 4h and some of the easiest trend following thoughts you can use.
The guppy has only turned green twice before since the reaction from $BTC's ATH.
Last time from the $4k bottom and this time from the revisit to that region in March.
The guppy has only turned green twice before since the reaction from $BTC's ATH.
Last time from the $4k bottom and this time from the revisit to that region in March.
3/ There is however a significant difference between the two areas.
We can see that this second leg has created a fresh high against the original rally. Something the last run failed to do until eventually it rolled over.
1-0 to the bulls.
We can see that this second leg has created a fresh high against the original rally. Something the last run failed to do until eventually it rolled over.
1-0 to the bulls.
4/ Let's look at momentum.
Comparing the last major rally $BTC saw less momentum from a bearish perspective and increased momentum from a bullish perspective.
This coincides with the ability to create a higher high.
Comparing the last major rally $BTC saw less momentum from a bearish perspective and increased momentum from a bullish perspective.
This coincides with the ability to create a higher high.
5/ The hourly provides a cleaner view of the key differences in these areas and the strength shown in this rally in comparison to what transpired after the correction from the last rally.
6/ Looking at the Daily you'll notice the colours are not as pronounced (no strong Daily trend established on either rally, yet).
You'll also notice that the single most important resistance level from a Daily perspective has been overcome.
You'll also notice that the single most important resistance level from a Daily perspective has been overcome.
7/ This level should be the consideration as a S/R and a potential rebuy spot on any visit into the region.
$12,200 - $12,500.
Each brick here is $400 so you're not going to get a tight entry number from this. You are going to get a very clean region for identifying buys.
$12,200 - $12,500.
Each brick here is $400 so you're not going to get a tight entry number from this. You are going to get a very clean region for identifying buys.
8/ The weekly Renko paints this picture very clearly.
The resistance is obvious. A weekly close above here (today) would be a significant HTF break on Renko and would warrant only the consideration to be a buyer.
The resistance is obvious. A weekly close above here (today) would be a significant HTF break on Renko and would warrant only the consideration to be a buyer.
9/ The other thing to review is the momentum on the weekly. It looks insignificant, but it's actually quite revealing.
Momentum on this scale is like turning a ship, it isn't quick or sharp, it takes time, but it's powerful when it begins moving.
Momentum on this scale is like turning a ship, it isn't quick or sharp, it takes time, but it's powerful when it begins moving.
10/ Momentum has now eclipsed the last rally - it shows that strength is on the side of the bulls as the driver.
It also goes to show just how far we can expect momentum to move. We have only just begun driving according to this picture.
It also goes to show just how far we can expect momentum to move. We have only just begun driving according to this picture.
11/ All in all, Renko paints a clear bullish picture across multiple timeframes and set ups, including the HTF set ups which we've not seen in effect since 2017.
We broke a significant resistance on HTF
We have more momentum than any other rally
Renko supports being excited.
We broke a significant resistance on HTF
We have more momentum than any other rally
Renko supports being excited.
