📊 BLZ moved 23% and stopped. But there's still hope !
Hello, dear TradingView members.
This idea is a BLZ analysis.
BLZ pumped 23%, got rejected by the upper Bollinger Band, and saved by the middle band!
Once the price crossed the upper band, the RSI became overbought, which caused weakness and pushed the price down.
The RSI is showing consolidations around the center, and the price also bounced back up from the middle Bollinger Band.
Moreover, as we can see, the price is trying to make another attempt to break the resistance level.
Scenario one:
A breakout:
The price will either get support or directly pass the resistance level after a couple of hours of consolidations above support and gathering enough buy volumes.
Scenario two:
A fake-out:
After another test, the resistance will reject the price or lose support on the middle Bollinger Band and fall off to the lower support levels.
The Bollinger Bands are broad, but they are about to get squeezed back, which is a good sign.
The Speedometer indicator shows Buy volumes on the market for BLZ on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is a BLZ analysis.
BLZ pumped 23%, got rejected by the upper Bollinger Band, and saved by the middle band!
Once the price crossed the upper band, the RSI became overbought, which caused weakness and pushed the price down.
The RSI is showing consolidations around the center, and the price also bounced back up from the middle Bollinger Band.
Moreover, as we can see, the price is trying to make another attempt to break the resistance level.
Scenario one:
A breakout:
The price will either get support or directly pass the resistance level after a couple of hours of consolidations above support and gathering enough buy volumes.
Scenario two:
A fake-out:
After another test, the resistance will reject the price or lose support on the middle Bollinger Band and fall off to the lower support levels.
The Bollinger Bands are broad, but they are about to get squeezed back, which is a good sign.
The Speedometer indicator shows Buy volumes on the market for BLZ on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
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