Bitcoin Buy Signal Based RENKO Chart

16 Jan 2022

We are looking at the Renko chart for Bitcoin (BTCUSD) on the 4H timeframe, we have a buy signal.

The Japanese Renko charting system is very useful and easy to understand, it can help you define trends.

You can get a buy signal when you get a green "Brick" vs a sell signal when you get a red brick.

We have a green brick with high volume, giving us the buy signal.
(Note: You need your own strategy before trading)

We also have a nine (9) on the TD Sequential.
The Japanese believe the market to be overextended after a 9 to 13 count.

• With three (3) green bricks we have a confirmed uptrend.
  
• With three (3) red bricks we have a confirmed downtrend.
  

We will see how this develops.

We have the the falling wedge pattern from other charting systems as well as the support level from September being activated once more.

I hope you enjoyed this Renko chart, it will be part of our tools from now on.

Namaste.