CHZ Technical Analysis: Another Trap For CHZ Buyers?

The CHZ price action shows a bullish reversal in a descending triangle teasing a breakout rally with a potential to reach the $0.25 supply zone. The CHZ price action shows a double bottom pattern forming at the $0.18 mark with a morning star pattern. The increased buying pressure and the growing bullish engulfing candle in the daily chart forecast a short-term resistance trendline breakout. So, should you wait for the candle to close above the trendline or take an early entry? Key Points: The Chiliz price action shows a double bottom pattern. The 50-day EMA cushions the falling prices and prepares a bullish bounceback. The intraday trading volume in Chiliz is $437 million. Source – TradingView CHZ Technical Analysis The CHZ prices failed to sustain above the $0.20 psychological level, leading to a drop to the $0.18 mark and generating the resistance trend line in the daily chart. Currently, the price action displays a descending triangle pattern with a short-term resistance trendline and bottom support at $0.18. Furthermore, the price action shows a double bottom pattern forming at the triangle’s base close to the 50-day EMA completed with a morning star pattern. Finally, the 5.46% jump in the last six hours leads to a bullish engulfing candle teasing a trend line breakout. The spike in the intraday trading volume increases the possibility of a breakout, but the higher price rejection in the daily candle questions the buyer’s ...