OPEN-SOURCE SCRIPT
Price Streak Is Another Way to Spot Trends
Price is never wrong, but sometimes reading it can be tricky.
Movements in the broader market or a sector can distract from a symbol that's been steadily trending in one direction or another. Sometimes the beginning of a move can also be so subtle that it flies under most people's radar.
Price Streak can help overcome these limitations by tracking consecutive up/down periods. It plots an easy-to-read color-coded histogram.
Because it simply counts the candles in a trend, Price Streak can give a clearer picture than magnitude-biased indicators like relative strength or MACD.
Applying Price Streak to the daily chart of
Bitcoin Dominance, we find something very interesting right now: the longest drop since March 2017.
That moment in history, almost three years ago, marked the beginning of the last Altcoin bull market. $BITMEX:ETHUSD, for example, went from roughly $60 to over $1,300 in the following nine months.
While past performance isn't a guarantee of future results, this illustrates how sustained price moves can reveal changes in character.
Based on Price Streak's current reading, it may support the idea of another Altcoin cycle beginning now.
Movements in the broader market or a sector can distract from a symbol that's been steadily trending in one direction or another. Sometimes the beginning of a move can also be so subtle that it flies under most people's radar.
Price Streak can help overcome these limitations by tracking consecutive up/down periods. It plots an easy-to-read color-coded histogram.
Because it simply counts the candles in a trend, Price Streak can give a clearer picture than magnitude-biased indicators like relative strength or MACD.
Applying Price Streak to the daily chart of
Bitcoin Dominance, we find something very interesting right now: the longest drop since March 2017. That moment in history, almost three years ago, marked the beginning of the last Altcoin bull market. $BITMEX:ETHUSD, for example, went from roughly $60 to over $1,300 in the following nine months.
While past performance isn't a guarantee of future results, this illustrates how sustained price moves can reveal changes in character.
Based on Price Streak's current reading, it may support the idea of another Altcoin cycle beginning now.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.