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Renkoindicator

Renko: Bitcoin is at a critical pointRenko 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 about the trend change. In order to confirm a breakup, Bitcoin must be able to create a brick above the support/resistance level On the other hand, Renko brick 20 EMA resistance is also ahead. Based on the principles of Renko analysis, Bitcoin's reaction against these two resistances will be very important
BITSTAMP:BTCUSD
by cryptoonchain
1
Bitcoin below important resistanceIn 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 before. And this increase does not mean a change of trend until other conditions are met. But there are two basic conditions for us to talk about changing the trend: 1- Breaking the resistance of 20 bricks in EMA or MA: As you can see in the historical chart, ema/ma 20 is strong resistance and support for the price in the current trend. If it breaks, it is an early signal that the trend may change in the future 2- Breaking the resistance of the MA 40: It is a signal to confirm the change of trend. Based on the above, in order to have the initial possibility of changing the trend or continuing bitcoin swing in the range area, we must wait for the bitcoin to react to the moving average of 20.
BITSTAMP:BTCUSD
by cryptoonchain