Technical Analysis - Chiliz
CHZ/BTC - 02/07/2020

 

Overview: 

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. 

 

Analysis: 

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!



DISCLAIMER

The content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by Upblock or any third party service provider to buy or sell any cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on). Trading and investing in cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrencies, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of offering will not guarantee a return on your investment. Since

 

Any opinions, news, research, analyses, prices, or additional information contained on this website is provided as general market commentary and does not constitute investment advice. Upblock will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. All opinions expressed on this Site are owned by the respective writer and should never be considered as advice in any form.