Hi
58500 $ in Renko chart is the important resistance for BTC , And the bitcoin Renko price action in that area will determine the next bitcoin trend. It should be noted that there are two important resistances in that area. Range and previous low bricks resistance and moving average resistance. According to Price Action Bitcoin , there are 2 scenarios in that area:
the first scenario: Bitcoin respects the resistance range. In this scenario, the possibility of starting a new downtrend is eliminated, at least for now.
Second scenario: Bitcoin in the Ranko chart create bricks below the resistance line.This indicates two important breakdowns and will be an important sign of the downward trend of bitcoin
58500 $ in Renko chart is the important resistance for BTC , And the bitcoin Renko price action in that area will determine the next bitcoin trend. It should be noted that there are two important resistances in that area. Range and previous low bricks resistance and moving average resistance. According to Price Action Bitcoin , there are 2 scenarios in that area:
the first scenario: Bitcoin respects the resistance range. In this scenario, the possibility of starting a new downtrend is eliminated, at least for now.
Second scenario: Bitcoin in the Ranko chart create bricks below the resistance line.This indicates two important breakdowns and will be an important sign of the downward trend of bitcoin
Trade active
As we have seen, Bitcoin has lost its moving average and the range area support lines. Confirmation of the downtrend can now be seen at the intersection of the moving average and the brick indicator.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.