This free-of-charge BTC market analysis indicator helps you better understand what's going with Bitcoin from a high-level perspective. At a glance, it will give you an immediate understanding of Bitcoin’s historic price channel dating back to 2011, past and current market cycles, as well as current key support levels.
Usage Use this indicator with any BTCUSD pairs, ideally with a long price history (such as BNC:BLX)
We recommend to use this indicator in log mode, combined with Weekly or Monthly timeframe.
Features 🕵🏻♂️ Historic price channel curve since 2011 🚨 Bull & bear market cycles (dynamic) 🔥 All-time highs (dynamic) 🌟 Weekly support (dynamic, based on 20 SMA ) 💪 Long-term support (channel bottom) 🔝 Potential future price targets (dynamic) ❎ Overbought RSI coloring 📏 Log/non-log support 🌚 Dark mode support
Remarks With exception of the price channel curve, anything in this indicator is calculated dynamically, including bull/bear market cycles (based on a tweaked 20SMA), ATHs, and so on. As a result, historic market cycles may not be 100% accurately reflected and may also differ slightly in between various time-frames (closest result: Monthly). The indicator may even consider periods of heavy ups/downs as their own market cycles, even though they weren’t. Due to its dynamic nature, this indicator can however adapt to the future and helps you quickly identify potential changes in market structure, even if the indicator is no longer updated.
On top of that bullmarket cycles (colored in green) feature an ingrained RSI: the darker the green color, the more the RSI is overbought and close to a correction (darkest color in the chart = 90 Weekly RSI). In comparison with past bull cycles, it helps you easily spot potential reversal zones.
Thanks Thanks to @quantadelic and @mabonyi which both have worked on the BTC "growth zones" indicator including the price channel, of which I have used parts of the code as well as the actual price channel data.
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only working with brave coin, didn't change anything for other coins
wyj152822
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its not ok
Jamescba1993
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Thanks great work !
subhdash1984
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Impressive. make one for stock index(intraday purpose) if you find some time. It will be much helpful.Thank you.
ersineser
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Thank you for sharing. Can i adapt to another crypto? How?
dbtr
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@ersineser, except for the price channel (which is hardcoded to BTC history), the other parameters should be adaptable to other coins as well.
However, I don't know how meaningful it will be on other coins. BTC has the longest history of all coins and several completed market cycles, so it was rather obvious to figure out the "rules" that BTC follows for most of the time, e.g. respecting weekly 20 MAs. It could be that other coins behave differently, esp. if you have double-pairs (e.g. ETH/BTC and ETH/USD).
Still, it could be worth a try -- if you do, please let me know how it turned out!
A starting point to adapting this to other coins could be to remove the price channels and instead map the red/green background colors to cover all screens (with bg() command).