BLZ Teeters Between $0.1499 Support and $0.1538 Resistance – What’s Next for Traders?

$BLZ recently displayed various intriguing trends and patterns on its 1-hour chart. 

Closing prices have been fluctuating around key resistance and support levels, which offer potential opportunities for traders.

#BLZ closing prices wavered between $0.1498 and $0.1528, staying in close range with the resistance levels set at $0.1538 and $0.1539. However, the proximity to the support levels at $0.1511 and $0.1499 suggests that BLZ participants are testing these boundaries.

The 9 Exponential Moving Average (EMA) slightly undercuts the closing prices, hovering from $0.1516 to $0.1524 during the same span. On the other hand, the 20 EMA stays a notch above its 9 counterpart, staying within the range of $0.1521 to $0.1526.

When comparing the 9 and 20 EMA, they are both trending downward, indicating a bearish signal from this aspect of the analysis.

The Moving Average Convergence Divergence (MACD) has also displayed some bearish tendencies. This oscillator has seen a deeper drop into the negative territory with MACD values going from -0.000126 to -0.000406. The histogram shows a downward trend as well, reinforcing the bearish sentiment.

The full analysis and trade strategy were posted on www.ecoinimist.com.