CHZ has been moving in a descending Triangle for some time now, and all this while it hasn't attempted to touch the upper Trend LIne (Black) of the Triangle .
At the much small time frame, we can see that CHZ is moving in a downward parallel channel. Also EMA 25 is working as a Resistance which states that CHZ would need bit of fight before moving back up.
Also Volume is not working in its favour either and its been pretty low.
Looking at all these trends there are two potential scenarios that can happen.
Scenario 1 (Black Path) - CHZ to move in downward parallel channel and break lower part of the triangle to officially enter the downward trend.
Scenario 2 (Red path) - CHZ to bounce off from S1 and try to break upper part of the triangle.
So far looking at the trend, scenario 1 looks more likely. However in crypto world currencies are free to move and can surprise you in the last moment.
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NOTE: These are my personal notes and in no way a financial advice. Do your own research and trade wisely.
At the much small time frame, we can see that CHZ is moving in a downward parallel channel. Also EMA 25 is working as a Resistance which states that CHZ would need bit of fight before moving back up.
Also Volume is not working in its favour either and its been pretty low.
Looking at all these trends there are two potential scenarios that can happen.
Scenario 1 (Black Path) - CHZ to move in downward parallel channel and break lower part of the triangle to officially enter the downward trend.
Scenario 2 (Red path) - CHZ to bounce off from S1 and try to break upper part of the triangle.
So far looking at the trend, scenario 1 looks more likely. However in crypto world currencies are free to move and can surprise you in the last moment.
If you like my analysis then do drop a LIKE and a COMMENT. Also dont forget to SHARE it with your friends.
Also dont forget to smash that FOLLOW button to get daily analysis of multiple crypto currencies
NOTE: These are my personal notes and in no way a financial advice. Do your own research and trade wisely.