Technical Analysis - Chiliz
CHZ/BTC - 02/07/2020
CHZ is coming from a pretty long lasted and lastly exhausted downtrend, which has caused a bounce at a previous basic level. With this bounce, CHZ has created an HTF higher low, which is in itself a bullish sign. Yet, it is approaching an essential area that needs to be broken and re-confirmed to continue this new uptrend.
As mentioned above, CHZ is approaching a key-area of previous support. Despite all the local bullishness, a rejection here could possibly mean that this was just a bearish re-test and invalidate the bullish sentiment. Nevertheless, we are seeing some indications of why the bullish breakout and re-test are the more likely scenario to play out. Firstly, we have a Buy-Signal on the MKAST-Algorithm, which is the very first signal on this HTF chart, yet it might be one of the more important ones.
Moreover, looking at the TJ-Index, which is the backbone of the MKAST algorithm, we see the index line very nicely rising in a very healthy manner, which is indicating strength and, most likely, a bullish continuation. To finish the indicators off, we are looking at the volume, which is also slowly but steadily increasing, showing us that more and more traders and market participants are interested in buying CHZ at these levels. An experienced trader would either buy a bullish re-test of the green box after a breakout or a quick re-test of the blue uptrend line. Even though the bullish signs are
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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