Chiliz (CHZ/USDT) Shows Bearish Trend Reversal After Rejection at Resistance
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CHZ/USDT Price Analysis: CHZ/USDT Reacts and Breaks Through Three Order Blocks
CHZ/USDT reversed with a strong bearish move, breaking below three Order Blocks (OB) at price levels $0.0510, $0.0430, and $0.0350. This signals the market is not making a corrective move but beginning a new bearish trend.
CHZ/USDT Key Levels
Support Levels: $0.0340, $0.0290
Resistance Levels: $0.0460, $0.0600
On the daily timeframe, there is a Change of Character (CHoCH) that led to a bearish move. After the rejection from the order block region at price level $0.0510, price broke below short-term support at price level $0.0430. The support becomes resistance, where the market retests and continues the downtrend.
On the daily timeframe, the Moving Average Convergence Divergence (MACD) indicator remains below the zero line, and the MACD line is not making any cross above the signal line, signalling this is a bear-dominated market.
Market Expectation
On the 4-hour timeframe, price remains below the 200 Moving Average from 29 January to February, confirming the bearish market trend. Price also forms a bearish descending channel. The recent pullback appears corrective rather than a full reversal. Price is likely to make another Break of Structure and likely break through the support zone at level $0.0340.
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