Bttcny
Choose your Move Bitcoin!The below are the 3 scenarios i see playing out due to us looking to be at the end of the third drive up.
(Green) Bit of an odd one due to the $1000 level being broken.. it could prove to be support and effectively has done twice already when tested. The longer it takes the more likely those who are expecting a pull back are going to give up and push price back up..another couple of bounces off $1000 with conviction would seal this for me.
(Black) I really struggle to see us dropping below $880, but expect alot of buying at this level presenting a good place for buy orders IMO.
(Orange) c. $950 We eventually break and find support before sub $1000 FOMO kicks back in.
Generally i expect us to be higher in February.
Who know mega bull could still come out..
Trendlines on Renko Chart Method, re: Bitcoin/Chinese YuanHere I am showing the community how I use a Renko bar chart. Users of Trading View can draw Trendline, Pitchforks, Fib Extension etc etc then switch back to a traditional price chart and traders will have possibly reduced guesswork on where to anchor drawing tools. A perfect example of how a Renko bar trendline can simplify technical analysis is the green line drawn on this chart. It was one of many swing high and swing low point connections but his one was highlighted as green due to the fact Renko bars tested this line twice after the line was initially drawn. In addition I have drawn one pitchfork. Using the Swing Point High then the next two Renko swing points. As you follow the fork down through price action, you see the Renko change trend when contacting the -1.0 deviation, bounce up to the 2.618 deviation then continue a sharp descent down until a Renko bar closes on the midline. This assists me greatly in reading price action by eliminating a lot of noise that raw price data creates.
