In both cycles, NUPL was forming a lower high while the market price was reaching an ATH (6). Put simply, holders were showing lower unrealized profits than during the first ATH (4), even though Bitcoin was trading at a higher price level. This points to structural weakness in the market.
The last time NUPL closed around 0.20 after a price ATH and two years after the latest Bitcoin halving was back in May 2022 (3 and 7). That historical parallel makes the current setup worth paying attention to.
Renko, meanwhile, is a Japanese charting method dating back to the 19th century. It was introduced to the Western world by Steve Nison in Beyond Candlesticks (1994) and later expanded by Prashant Shah, CMT and CFTe. The key distinction is dimensional: candlesticks are two‑dimensional, using both time and value, while Renko is one dimensional. It only plots a new brick when value moves by a defined amount, removing time from the equation entirely. This makes Renko a noiseless charting method, stripping away distractions and focusing purely on price movement.
Bitcoin Fusion Analysis: NUPL and Renko
byu/Then_Helicopter4243 inbtc
Posted by Then_Helicopter4243
2 Comments
Combining NUPL and Renko to analyse Bitcoin is basically using both a stethoscope and a crystal ball on the same patient, one tells you the heartbeat and the other tells you absolutely nothing but makes you feel incredibly smart at parties.
Interesting NUPL + Renko combo. Thanks for the breakdown.