Hello all! Welcome to my first technical analysis post on this platform.
I wanted to share the descending triangle pattern formed for
BLZBTC
on the 1hour chart. As you can see the price is showing a lot of resistance to the down trend line in blue, forming lower peaks while maintaining the lower support level.
On the 1 hour chart,
BLZBTC
symbol] has already crossed the support level shown by the pink line, signaling a confirmation of the pattern.
A full realization of this pattern would drive the price as low as the the vertical height of the two trend lines, shown by the dotted red line. A full realization of a bearish pattern is unlikely due the fact that this just entered exchanges not long and is still fairly hot, and
BTCUSD
currently on a bull run driving more cash into the market and alt coins. With that said however, I do see it possible for
BLZBTC
to drop at least half way, to a target price of 5k satoshi, shown by the pink arrow.
Thanks for reading - I'll keep updating this as we gather more information in the coming days.
Please remember to comment and follow if you liked this TA!
Charlie
I wanted to share the descending triangle pattern formed for
BLZBTC
on the 1hour chart. As you can see the price is showing a lot of resistance to the down trend line in blue, forming lower peaks while maintaining the lower support level. On the 1 hour chart,
BLZBTC
symbol] has already crossed the support level shown by the pink line, signaling a confirmation of the pattern. A full realization of this pattern would drive the price as low as the the vertical height of the two trend lines, shown by the dotted red line. A full realization of a bearish pattern is unlikely due the fact that this just entered exchanges not long and is still fairly hot, and
BTCUSD
currently on a bull run driving more cash into the market and alt coins. With that said however, I do see it possible for
BLZBTC
to drop at least half way, to a target price of 5k satoshi, shown by the pink arrow. Thanks for reading - I'll keep updating this as we gather more information in the coming days.
Please remember to comment and follow if you liked this TA!
Charlie
Comment:
As predicted, BLZ has broke down lower after signaling a confirmation of the pattern. Volume is very low, and the macd is rolled downward. We should continue seeing a decline of the price.
Trade closed: target reached:
BLZ has reached the target all the way through. The full height of the descending triangle was met. If we do not see a support forming here and bounce back it could head much lower.