BLX Index Weekly Analysis

~There is beauty in simplicity.~

-Trade Based of Data, not Emotions
-Consistent Strategy, not Inconsistent
-Same Input = Same Output. If you don't do the same thing consistently, how do you know what you are doing wrong?
-Patience. There will always be another trade, another setup.



BLX Index Weekly Analysis

-No significant break of resistance.
-Decreasing volume indicative of consolidation.
-Initial rejection from trend line resistance.
-Proximity to critical horizontal resistance.
-Initial rejection from Weekly 200 EMA.
-Top of the High Volume Node consolidation range.

Congruent to what I've been saying, Bitcoin is no longer in an area where I am an interested buyer. The setup that has proved most profitable over the last year has been to short areas of alignment like this.

Potential Areas of Support:

-Weekly 8 EMA (3780)
-Weekly Point of Control (3616)

These would represent areas where one would look to take profits on a short position, or pyramid into a larger one should those levels not reverse the market convincingly back to the upside.

However, I do want to be logically consistent in my analysis. There is always potential for a breakout. I spoke at length prior to the push off of 3400 that it was a higher time frame level of potential support. However, I also believe that level did not contain enough liquidity to propel Bitcoin out of it's trading range. Liquidity can always come in at the top of a trading range, however with the reality that Bitcoin has been in a bear market for such a long time, it will truly take serious convincing market behavior to entice my capital into a long position.


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