cpinto7

BLZ - Bluzelle Big Bear Flag!

Short
BINANCE:BLZBTC   Bluzelle / Bitcoin
Hello all! Welcome to my first technical analysis post on this platform.
I wanted to share the descending triangle pattern formed for BLZ 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, BLZ 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 BTC currently on a bull run driving more cash into the market and alt coins. With that said however, I do see it possible for BLZ 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.

Comments

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.
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cpinto7 cpinto7
@cpinto7, My mistake, I meant to say the target was reached, not the full height of the descending triangle pattern. We could still head a bit lower from here. I will post an updated idea.
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