Blur - Short Term Double Bottom
Binance recently listed Blur sending it from $0.40 to $0.80. Now we have seen a pullback to the psychological $0.50 level and we see something interesting forming.
The chart on the left shows us the Blur chart with more price action history. On our 4H RSI we see we did create a double bottom. On top of that we are started to form a W pattern. If price is able to break the neckline of the W pattern we will see price back above $0.60 based on the measured move. If we break down from the W pattern price will visit the 0.618 around $0.44.
The chart on the right is the new binance PA chart. What's interesting is the strength of the buyers is increasing on Binance at the current price level. We know this by looking at our RSI and seeing the bullish divergence forming. We also see a clear double bottom has been formed so far. Also, a potential daily reversal doji could form on the close today, but If we break the double bottom with a candle body it will no longer be a good setup.
The chart on the left shows us the Blur chart with more price action history. On our 4H RSI we see we did create a double bottom. On top of that we are started to form a W pattern. If price is able to break the neckline of the W pattern we will see price back above $0.60 based on the measured move. If we break down from the W pattern price will visit the 0.618 around $0.44.
The chart on the right is the new binance PA chart. What's interesting is the strength of the buyers is increasing on Binance at the current price level. We know this by looking at our RSI and seeing the bullish divergence forming. We also see a clear double bottom has been formed so far. Also, a potential daily reversal doji could form on the close today, but If we break the double bottom with a candle body it will no longer be a good setup.
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