Hi 🤞
As can be seen in the chart, the price has hit the resistance zone of $0.26 to $0.28 three times, but has not been able to cross it so far. One of the general nature of markets that traders are constantly involved with is a phenomenon called Stop Hunt or Stop Hunting; Stop Hunt occurs when a trader has entered a trade and has set his limit, after some time the price has reached the limit and activates it and exits the trader from the trade. Then the price movement is reversed and goes in the direction of the trader's analytical process. Recently, Chiles has formed a lower floor than its previous floor by hitting the resistance zone (Bearish Zone) and its fall, which has led to the breakdown structure (BOS) in the daily timeframe. This event causes the current uptrend (short-term) to change to a downtrend. If you look at the left side of the chart in general, you will notice that another BOS structure has formed, where the price has the ability to cross above the major pivot A at the $0.33 level. According to these two mentioned criteria, the general trend of this cryptocurrency is downward, and in the medium term, the price will drop below floor B, which is at the price level of 0.08 dollars, there is a high probability of happening. If the price breaks through the resistance zone of $0.26 to $0.28, it has the ability to reach the levels of $0.33 and $0.35 (weak scenario). Otherwise, with the loss of the $0.15 support area, the price is expected to react to the $0.1 and $0.08 levels.
🌈If you apperciate Arztoday Team work , Please like and comment , It Keeps us motivated to do better🌈
Arztoday Team🌟
Analyzer ✍: AR.Rashidi
As can be seen in the chart, the price has hit the resistance zone of $0.26 to $0.28 three times, but has not been able to cross it so far. One of the general nature of markets that traders are constantly involved with is a phenomenon called Stop Hunt or Stop Hunting; Stop Hunt occurs when a trader has entered a trade and has set his limit, after some time the price has reached the limit and activates it and exits the trader from the trade. Then the price movement is reversed and goes in the direction of the trader's analytical process. Recently, Chiles has formed a lower floor than its previous floor by hitting the resistance zone (Bearish Zone) and its fall, which has led to the breakdown structure (BOS) in the daily timeframe. This event causes the current uptrend (short-term) to change to a downtrend. If you look at the left side of the chart in general, you will notice that another BOS structure has formed, where the price has the ability to cross above the major pivot A at the $0.33 level. According to these two mentioned criteria, the general trend of this cryptocurrency is downward, and in the medium term, the price will drop below floor B, which is at the price level of 0.08 dollars, there is a high probability of happening. If the price breaks through the resistance zone of $0.26 to $0.28, it has the ability to reach the levels of $0.33 and $0.35 (weak scenario). Otherwise, with the loss of the $0.15 support area, the price is expected to react to the $0.1 and $0.08 levels.
🌈If you apperciate Arztoday Team work , Please like and comment , It Keeps us motivated to do better🌈
Arztoday Team🌟
Analyzer ✍: AR.Rashidi
