Chiliz (CHZUSD) Faces Stiff Resistance at a Bullish Orderblock
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Market Analysis: Price Lurks in the Supply Region
Chiliz (CHZUSD) witnessed a forceful breakout in April. The market dipped significantly below the supporting trendline of the daily chart. A symmetrical triangle led to aggressive price expansion. A breaker block was deposited at $0.1280. Currently, the market has pulled back to the bearish order on the daily chart.
CHZUSD Key Levels
Demand Levels: $0.1030, $0.0840, $0.0700
Supply Levels: $0.1280, $0.1680, $0.1900
The bearish breakout in April experienced on the daily chart featured a speedy delivery of price. This led to inefficiently traded regions denoted by gaps on the daily chart. The market has retraced to the breaker block of $0.1280 to cover up for the gaps.
The market is in a correction phase. This is obvious with the slower price fluctuation and the smaller size of candles reaching up to the mitigation block.
Market Expectation
The mitigation block (failed bullish order block) currently resists the price ascent. The market is expected to resume the selloff to attack higher demand levels like $0.1030.
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