Bitcoin Bulls & Bears
The "Bitcoin Bulls & Bears" indicator helps you better understand Bitcoin with a high-level view on Bitcoin’s historic price channel, past and current market cycles, as well as current key support levels.
Usage
Use this indicator with any BTCUSD pairs, ideally with a long price history (such as
BLX
) We recommend to use this indicator in log mode, combined with Weekly or Monthly timeframe.
Features
🕵🏻♂️ Historic price channel curve since 2011
🚨 Bull & bear market cycles (dynamic)
🔥 All-time highs (dynamic)
🌟 Weekly support (dynamic, based on 20 SMA)
💪 Long-term support (channel bottom)
🔝 Potential future price targets (dynamic)
📏 Log/non-log support
🌚 Dark mode support
Remarks
Except for the historic price channel curve, all of this indicator is calculated dynamically, including bull/bear market cycles (based on a tweaked 20SMA). Due to this, the historic market cycles may not be 100% accurate and may also differ slightly between time-frames. It may also consider short times of ups/downs to be their own market cycles, even though they weren’t. This dynamic nature allows this indicator to adapt to the future and quickly help you identify changes in market structure.
On top of the that, the bullmarket cycles (green background) feature an ingrained RSI information: the darker the green, the more the RSI is overbought and close to a correction. In combination with past bull cycles, it is easier to spot potential reversal zones.
Thanks
Thanks to @quantadelic and @mabonyi for their pre-work on the price channel information, which I have taken over here