BLZUSDT 4H - POTENTIAL BREAKOUT INCOMING
Updated
Technical:
We are trading in a descending parallel channel that is showing strength with bottom bouncing of EMA 200 and around critical fibb support level.
The channel is a clear correction representing primary 4th Elliot wave.
Breakout from here show the continuation of a long 5th wave, that has good ceiling potentials based on resistance curves.
MA about to cross EMAs.
The chart mimics BTC movements so will most likely wait for a confirmation on that front.
Fundamental:
Backbone of Cosmos/Polkadot universe as their decentralized DB.
Chainlink competitor as offering oracles solution that in theory should be interesting.
Some announcement incoming based on roadmap.
Not a a financial advise, this is just the picture as I see it.
We are trading in a descending parallel channel that is showing strength with bottom bouncing of EMA 200 and around critical fibb support level.
The channel is a clear correction representing primary 4th Elliot wave.
Breakout from here show the continuation of a long 5th wave, that has good ceiling potentials based on resistance curves.
MA about to cross EMAs.
The chart mimics BTC movements so will most likely wait for a confirmation on that front.
Fundamental:
Backbone of Cosmos/Polkadot universe as their decentralized DB.
Chainlink competitor as offering oracles solution that in theory should be interesting.
Some announcement incoming based on roadmap.
Not a a financial advise, this is just the picture as I see it.
Note
My original btc idea was hidden due to no comment and too much overload, but to summarize it I expect another down leg potentially that may interfere with BLZ setup, however I don't see us hitting channel bottom due to 200 EMA standing in the way along the curved support, so potential pullback would be accumulation/sell of.Note
The elliot count was not right, update:
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