CHZ is about to confirm a bullish reversal pattern with significant potential

CHZ BULLISH MARKET_MINDS

Market & Ticker: Chiliz CHZ/USDT

Date: 07/12/2023

Horizon / Timing: Tactical Mid-term / 1 to 3 months

Scenario:

CHZ (Chiliz) is showing strong bullish element at the current price with a potential Head & Shouldern Pattern (bullish reversal about to be confirmed with a potential at 0,1130

As long as 0,0680 remain a tactical support valid (daily close) a larger rise to 0,1130 is expected before 0,17 in extension.

In alternative a failure below 0,0680 in the coming days/weeks will increase the risk to test 0,0540 Strategic support invalidating the bullish reversal pattern

Technical Key Elements:

  • H&S reversal pattern with potential at 0,1130

  • RSI Indicator is evolving in bullish area above 50

  • The Moving average are support

  • Fibonacci key support is adjusted at 0,0680 while the key resistance is adjusted at 0,1130

Trade Idea conclusion: Bullish - Conviction (High)

Target 2: 0,17

Target 1: 0,1130

Buy swing: add in dip area 0,08

Stop: 0,0680 (daily close)

More Analysis on Telegram : Rayn Market Minds

Chart: Daily Basis (Candle Stick) - Logarithmic

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

chz.png

Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.

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