BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
An idea with a linear chart as a noise removal technique.

First, let's address the term "Noise", in a broad analytical context, noise refers to information or activity that confuses or misinterprets genuine underlying trends.
If we strictly speak in a technical context, noise is simply all the price data that distorts the picture of the underlying trend this includes mostly small corrections and intraday volatility .

This a linear chart where the price source used is the average of the four most relevant points for a given time frame.
Price source = (O+H+L+C)/4

The ellipses highlight the periods of lower volatility where the price dynamic narrowed its price range previous to a post-expansion.
In the larger ellipses, this kind of dynamic lasted around 7-9 weeks.

Note:
I find the potential of this chart for having a macro perspective.
Weekly scale ≤ recommended scale ≥ daily scale



Chart BLX weekly scale BraveNewCoin Liquid Index for Bitcoin
Comment: An intra-weekly view to have a perspective of the current dynamic, the weekly candle still has around 4 days in front to close.

Note: I use the prefix "intra" to refer a time frame that has not been closed yet. It gives us a snapshot within the development.

Remember that the price source on this chart is an average of four-point, at the moment of writing these lines the spot price is around $9420 and the point at the chart if the week would close now around $9885 (slightly below the weekly support).

If we observe in detail, the dynamic is suggesting a breakdown to confirm this the weekly candle must print its close then we can re-asses the dynamic, speaking strictly on a weekly scale.

Note:
I find the potential of this chart for having a macro perspective.
Weekly scale ≤ recommended scale ≥ daily scale


Chart BLX weekly scale BraveNewCoin Liquid Index for Bitcoin

Comment: The last week data point is located just at the weekly support, at the following chart, you can find the details.

Chart BLX weekly scale BraveNewCoin Liquid Index for Bitcoin.
Comment: The long term upward channel

Chart BLX weekly scale BraveNecCoin Liquid Index for Bitcoin

Comment: It has been 83 days since the price made the high of 2019 ($13880).

The last 20 days the price action has occurred around the support level.

Linear chart #BLX weekly scale @bravenewcoin

Comment: An intra-weekly view to have a perspective of the current dynamic, the weekly candle still has around 5 days in front to close.

Note: The prefix "intra" refers to a time frame that has not been closed yet. It gives us a snapshot within the development.


The price is flirting at the weekly support, this level has been the key support strictly speaking on a weekly view, the candle is yet young with 5 days in front to close, just to keep on mind the current dynamic.

Chart BLX weekly scale BraveNecCoin Liquid Index for Bitcoin


🇪🇸
Hola a todos,
Gracias por seguir la idea y su apoyo.
Si encuentra algo interesante en ella puede dar un me gusta, compartirla con otros o hacer un comentario.
😀

🇬🇧
Hello guys,
If you find something interesting in it, you might give me a thumbs up, share it with others, or leave a comment.
Thanks in advance.
😀
Reply
Hi, great concept - getting rid of all the candle noise! :)

I've got the BLX symbol in my watchlist now, but its still showing candles! I've tried changing it to linear but it still doesn't look like your lovely chart above! ...with the averaging function.

How can I get it to do what you've done, please?
Reply
@AIAR-LT, Hello and thanks for your words,

Follow this:

1)Click at the upper right corner beside the symbol there you will change to linear chart.

2)Double click on the linear chart and you will have access to the chart settings, a new window will appear.

3) Follow this selection:

Chart settings > symbol > price source > (H+O+L+C)/4

4) Done

I hope this will be helpful.

Cheerio
Reply
AIAR-LT anibalsantaella
@anibalsantaella, this is great! I will try this evening when I get home... Many thanks! :)
Reply
@AIAR-LT, You are welcome! :)
Reply
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