Chiliz (CHZUSD) Bears Launch a Surprising Attack
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CHZUSD Analysis – Sellers Flush the Price Lower Beyond the $0.152000 Key Zone
CHZUSD Bears make a surprise attack as sellers flush the price lower beyond $0.152000. Following a significant price drop, the bears launched an unexpected attack. The current situation shows a bearish arrangement as the price makes it pull lower below the $0.152000 key zone. However, there is still the option of a price retracement back to the $0.152000 key zone. The RSI (relative strength index) is approaching an end-of-sell zone. Oversold signatures depict buying chances for a retracement in the market. Nevertheless, sellers are still prompted to push prices lower in the market.
CHZUSD Key Zones
Resistance Zones: $0.287000, $0.186000
Support Zones: $0.152000, $0.086900
The bulls and the bears have been strongly warring against each other. For some months, the market has been sectioned between the $0.152000 and $0.287000 key zones. Buyers and sellers on the CHZUSD make an effort in the ranging channel with high volume trades. Recently, the bearish force was able to pull through on the CHZUSD market. The crypto sellers pulled the price trend from the $0.278000 key zone with huge liquidity vigor.
At this point, the sell traders were able to break beyond the $0.152000 key zone without much stress. The trending dots of the parabolic SAR (stop and reverse) indicator are in line with the selling influence at the moment. The moving average crossing is also expanding downward in a negative gradient, as sellers’ action still speaks volumes. The sellers are still planning to cause more declines on the daily chart.
Market Expectation
The 4-hour chart shows that buyers are currently causing a retracement. Traders should be more sensitive and allow room for a pullback before entering a sell order. The RSI is still oversold as we anticipate more avenues for a retracement back to the $0.152000 key zone in the coming weeks.
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