Bluzelle (BLZ/BTC) Dual Breakout Pattern | New Highs
Updated
After raising over $19.5 million dollars in their ICO in the span of 48 hours, Bluzelle (BLZ) is a rising blockchain start-up, with the mission of providing a service allowing users to rent out their extra storage space on their computer to other users. After its ICO, Bluzelle (BLZ) has quickly escalated to a market cap of over $100 million and beginning to attract mainstream media. This is not to say that Bluzelle does not face any challenges internally in the area of project development due to the lack of blockchain developers. Regardless, in terms of technical analysis, Bluzelle (BLZ) is setting up for a breakout towards new highs in the shorter time frame, and to an all time high in the longer time frames.
Shorter Time Frame: Orange Trend Line
Longer Time Frame: Red Trend Line
Analysis from the shorter time frame illustrates that Bluzelle (BLZ) is currently consolidating in an ascending triangle (indicated in orange) with a horizontal resistance line at 7500. Interestingly, on the longer time frame, Bluzelle (BLZ) is simultaneously consolidating in a bullish pennant (indicated in red), with a downward sloping resistance line (indicated in red).
A breakout of the resistance line (7500) along with a bullish confirmation at 7850 (green) will allow Bluzelle (BLZ) to propel upwards to new relative highs at 9500. Failure to breakout will lead to a drop back to the supporting trend line at 6500.
Shorter Term Target: 7850
Longer Term Target: 9500 (35% Profit)
Shorter Time Frame: Orange Trend Line
Longer Time Frame: Red Trend Line
Analysis from the shorter time frame illustrates that Bluzelle (BLZ) is currently consolidating in an ascending triangle (indicated in orange) with a horizontal resistance line at 7500. Interestingly, on the longer time frame, Bluzelle (BLZ) is simultaneously consolidating in a bullish pennant (indicated in red), with a downward sloping resistance line (indicated in red).
A breakout of the resistance line (7500) along with a bullish confirmation at 7850 (green) will allow Bluzelle (BLZ) to propel upwards to new relative highs at 9500. Failure to breakout will lead to a drop back to the supporting trend line at 6500.
Shorter Term Target: 7850
Longer Term Target: 9500 (35% Profit)
Trade active
Trade Update:Bluzelle (BLZ) has broken out of the resistance lines beautifully and have not only reached our short term target of 7850, but also exceeding it and pushing BLZ back up to its previous high of 8380. The old resistance lines will now become the new support for BLZ and maintenance of that new support level will allow it to project upwards towards its longer term target of 9500.
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