Bitcoin 3LB Weekly & Daily + Renko Weekly & Daily
2024-10-02

We are going to be looking at the Renko and 3 Line Break (3LB) charting systems on two different timeframes, daily and weekly. Both systems are good to spot the trend and trend reversals.

➖ Let's start with Renko.

Here is Bitcoin's weekly Renko chart:


We have a red brick in September 2024, the same one we got at the top in November 2021. There is a small green brick but it has not settle. The chart is mixed but a sell signal is already confirmed.

Bitcoin's daily Renko chart:


Here we have a descending channel after a major bullish cycle. We have a red brick (sell signal) but it has not settle. It is mixed with bearish tendencies.


➖ Let's continue with 3 Line Break.

3LB weekly: 

This one is pretty interesting. We have a red line but it hasn't settle yet.

It is interesting to see the uptrend vs downtrend, the top vs bottom.

After the uptrend, we see a small session, consolidation, and then the drop. The exact same pattern from 2021 repeats in 2024, only the drop is missing, will it come? Bitcoin has been bearish for 6.5 months.

3LB daily: 

It seems the market went from an uptrend to sideways with bearish tendencies, this is based on TA. The whole dynamic is mixed in the best case scenario, bearish if considered through common sense.

Namaste.