dbtr

Bitcoin Bulls and Bears by @dbtr

Bitcoin πŸ”₯ Bulls & Bears πŸ”₯
v1.0

This free-of-charge BTC market analysis indicator helps you better understand what's going with Bitcoin from a high-level perspective. At a glance, it will give you an immediate understanding of Bitcoin’s historic price channel dating back to 2011, 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 BNC:BLX )

We recommend to use this indicator in log mode, combined with Weekly or Monthly timeframe.

Features
πŸ•΅πŸ»β€β™‚οΈ Historic price channel curve since 2011
🚨 Bull & bear market cycles (dynamic)
πŸ”₯ All-time highs (dynamic)
🌟 Weekly support (dynamic, based on 20 SMA )
πŸ’ͺ Long-term support (channel bottom)
πŸ” Potential future price targets (dynamic)
❎ Overbought RSI coloring
πŸ“ Log/non-log support
🌚 Dark mode support

Remarks
With exception of the price channel curve, anything in this indicator is calculated dynamically, including bull/bear market cycles (based on a tweaked 20SMA), ATHs, and so on. As a result, historic market cycles may not be 100% accurately reflected and may also differ slightly in between various time-frames (closest result: Monthly). The indicator may even consider periods of heavy ups/downs as their own market cycles, even though they weren’t. Due to its dynamic nature, this indicator can however adapt to the future and helps you quickly identify potential changes in market structure, even if the indicator is no longer updated.

On top of that bullmarket cycles (colored in green) feature an ingrained RSI: the darker the green color, the more the RSI is overbought and close to a correction (darkest color in the chart = 90 Weekly RSI ). In comparison with past bull cycles, it helps you easily spot potential reversal zones.

Thanks
Thanks to @quantadelic and @mabonyi which both have worked on the BTC "growth zones" indicator including the price channel , of which I have used parts of the code as well as the actual price channel data.

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Enjoy & happy trading!
Skrip open-source

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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