Seems like a completely different perspective to traditional daily charts. I think the pattern is easier to digest here. Either it's continuing to repeat the fractal in smaller size, or it breaks upwards if there is growing volume. I don't see a growing volume so far...
Note
You can see from this snapshot that the red blocks continue away from the top resistance line. However, it is approaching the blue MA line and will probably bounce up. A good chance to unload bags if the trajectory down is to be repeated like last pattern.
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The reds keep filling in nicely. I adjusted the slope of my lines to match the geometry of the Renko blocks and it looks like the shoe fits well.
Updated possibility of trend reversal due to 200MA and 50MA colliding next block. There is also that gray trendline which is a bullish force that cannot be ignored.
Also interesting range from 6000-8000 where lots of trades happen
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Blue arrow has been filling up nicely. Key area in the next two weeks where we could have resistance push back and send us down to a lower low. If we get past 11000 though, it could mean a very good run up to previous ATH.
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The gap towards 3200 is a strong pull. Now there are three possibilities of reversal. Double bottom at 3200 could be nice. Second, a lower low wouldn't be unexpected to steal weak hands. However, there is a chance an unexpected bounce xan happen at the 5500 level where the dashed line intersects current red candles.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.