Short term Bitcoin support signal
The market can’t always go up, and neither should it. It’s dangerous to go blindly and boldly to the upside. That causes parabolic moves, and those suck (think December into February). So we did get a big rally over the past two weeks and a pullback was expected and warranted.
On this Renko chart, we see that price had a fairly swift collapse from the 9700 value area. That was expected. The $10,000 value zone is probably the most important price level after the low set in February. It should be difficult to break that level. But it should also be hard to break the inner 4/8th harmonic level of 8755, which is right where price found some support. If we look at the Renko bricks, we can see that the current two green Renko bricks have wicks. This is a very bullish signal. From this price level, it means a supportive position to base and consolidates. However, there is still some threat to the downside that could be seen. After such an extended and long drive up, retracements of 50% are common, so if we fall down to the 8333 zone, don’t be surprised.