Technical Analysis - Chiliz
CHZ/BTC - 03/25/2020
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As shown above, we will be updating the technical analysis of CHZ/BTC from the 7th of February.
CHZ has made significant moves and retraced fully back down to the support where it started going. Following our rule, that moves based on news mostly retrace at least 100%. The massive pump, because of the Barca partnership, has initiated the rather less technical move. Currently, the objective is to find out whether CHZ has a chance to bounce here or if it will continue downwards.
Looking at the MKAST algorithm, we see a sell condition starting with the very first breakdown, from the very first key-area again. The Sell condition is still active, and so far, nothing tremendous has changed. CHZ is still going down, yet losing on-sell volume very very clearly. The sellers may step in once the support breaks against, yet as of right now, it is slightly bullish. The TJ-Index is as well very low and slowly making its way back up and rounding, so there might come some confluence from that side as well. All in all, CHZ is possibly bullish but more prone to be watched right now. As an experienced trader, trades are most likely to play out after a bullish engulfing in the area of support.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!