Bitcoin Trading Basics - Using Renko Bars and Support/Resistance
Updated
In this Video Chart I just wanted to introduce new traders to another shiny tool they can add to their toolbox. I think for even the smaller time frame traders, looking at trend direction on the higher time frames like the daily is important to give bias to your positions. Because Renko bars are based on price and not on time this helps clear up all the noise of the ups and downs and concentrates on the overall direction of the underlying instrument being trading.
Check it out and compare it to your existing charts and/or use it to bias your trades and let me know in the comments how it works out for you.
*EDIT: I said in the video Renko bars are for 'Ranging' markets, but I meant to say 'Trending' markets. Ranging is when price tends to go up and down alot. However, the Renko bars will tend to smooth out the ranging on smaller timeframes.
Check it out and compare it to your existing charts and/or use it to bias your trades and let me know in the comments how it works out for you.
*EDIT: I said in the video Renko bars are for 'Ranging' markets, but I meant to say 'Trending' markets. Ranging is when price tends to go up and down alot. However, the Renko bars will tend to smooth out the ranging on smaller timeframes.
Trade closed: target reached
So Istarted payign attention to this chart after I made the video and check it out... so beautiful. $11,200 was the next resistance level and it just touched it perfectly as well as the 200 SMA.
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