Market & Ticker: Chiliz CHZ/USDT
Date: 07/12/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
CHZ (Chiliz) is showing strong bullish element at the current price with a potential Head & Shouldern Pattern (bullish reversal about to be confirmed with a potential at 0,1130
As long as 0,0680 remain a tactical support valid (daily close) a larger rise to 0,1130 is expected before 0,17 in extension.
In alternative a failure below 0,0680 in the coming days/weeks will increase the risk to test 0,0540 Strategic support invalidating the bullish reversal pattern
Technical Key Elements:
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H&S reversal pattern with potential at 0,1130
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RSI Indicator is evolving in bullish area above 50
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The Moving average are support
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Fibonacci key support is adjusted at 0,0680 while the key resistance is adjusted at 0,1130
Trade Idea conclusion: Bullish - Conviction (High)
Target 2: 0,17
Target 1: 0,1130
Buy swing: add in dip area 0,08
Stop: 0,0680 (daily close)
More Analysis on Telegram : Rayn Market Minds
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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