Chiliz (CHZ/USD) Surges after It Breaks Two Resistance Levels
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CHZ/USD Price Analysis: CHZ/USD Breaks the Neckline of a Double Bottom Chart Pattern
CHZ/USD rallied and broke the double bottom neckline at level $0.0280 and two resistance zones at price levels $0.0380 and $0.0460. This shows the momentum of buyers in the market.
CHZ/USD Key Levels
Support Levels: $0.0280, $0.0260
Resistance Levels: $0.0380, $0.0460
On the daily timeframe, a double bottom pattern formed on a support, which makes that level a confluence zone and more valid at price level $0.0280. After breaking the neckline of the bullish double pattern at price level $0.0280, the direction of the trend is confirmed. The market moves with impulse with small pullbacks.
On the daily timeframe, price pulled back and reversed from another confluence zone of Order Block and Fibonacci discount zone (below 0.5%) at price level $0.0520, continuing the uptrend. The Stochastic Relative Strength Index (Stoch RSI) shows the price is in the oversold area, meaning price may continue the uptrend.
Market Expectation
The 4hr timeframe shows a double bottom chart pattern forming at the confluence zone at price level $0.0520. Price broke above the neckline at price level $0.0550. This is a good continuation signal. The candlestick forming close to the upper band of the Bollinger Band is also a good uptrend confirmation.
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