BLZ - The Blue Bull Heading to the Green Fields?
Updated
BLZ is the coin of Bluzelle, a decentralized database that allows dapp (decentralized application) developers the ability to store data directly on the blockchain. They have a wallet and PoS features like pretty much everyone in the crypto world.
On the chart we are seeing a consolidation triangle that has formed since a steep mid September drop.
This triangle appears quite bullish, with a steep incline of higher lows.
Current price looks to be right at the bottom of the triangle.
MACD is in a good position for growth with the potential of a bear cross short term forming, which would bring us to test the bottom of the triangle.
RSI is in a freefall but about to hit the bounce point recently.
Volume has been dropping on sells and rising on buys, implying bullish bias.
OVERALL
Either play it risky by buyin in now with a tightish SL, under the triangle, OR wait for a retest and breakout of the upper resistance level.
Potential for big gains on a breakout. Dotted line in TP for risk taker, dashed is for the breakout buyers.
--
"The man who never alters his opinions is like standing water, and breeds reptiles of the mind." -William Blake
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
On the chart we are seeing a consolidation triangle that has formed since a steep mid September drop.
This triangle appears quite bullish, with a steep incline of higher lows.
Current price looks to be right at the bottom of the triangle.
MACD is in a good position for growth with the potential of a bear cross short term forming, which would bring us to test the bottom of the triangle.
RSI is in a freefall but about to hit the bounce point recently.
Volume has been dropping on sells and rising on buys, implying bullish bias.
OVERALL
Either play it risky by buyin in now with a tightish SL, under the triangle, OR wait for a retest and breakout of the upper resistance level.
Potential for big gains on a breakout. Dotted line in TP for risk taker, dashed is for the breakout buyers.
--
"The man who never alters his opinions is like standing water, and breeds reptiles of the mind." -William Blake
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Note
RIP to that idea
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.