CHZ - 6h. Buyers' last check before growth?

30 mar 2021

Starting from March 12, a correction of the previous growth wave began in the CHZ market. The sellers tested the range of $0.46-0.47 for strength with the help of 2 falling waves. If the first downward wave was sharp, accompanied by increased volumes and had the same sharp upward correction, the second downward wave is more mysterious.

During the second wave of decline, sellers managed to update the local low, however, the CHZ price was unable to consolidate below the range of $0.46-0.47. All this happened on low volumes and the current attempt of buyers to start their trend looks sluggish.

In the best case, a reversal phase is now taking place in the CHZ market and the main task of buyers in this scenario is to keep the mark of $0.497.

This mark is not very important globally and during a strong attack of sellers it will not be a good support for the price. But by keeping this mark, the buyers will give a signal that the current growth attempt is not over and there are few sellers left in the market in this price range.

If this mark does not stop the CHZ price at best, we will see a liquid range of $ 0.46-0.47 again. However, despite the CHZBTC chart, the situation can be much more fatal:

As you can see on the chart, the buyers are holding the initial range, from where the price is actively bouncing. Loss of this range will trigger a powerful downward trend.

Considering that the BTC price with a fairly high probability can bounce down from $58000-59000 and continue the correction, you should be careful with CHZUSDT and keep it on a short stop.

P.S. negative CHZ scenario here:

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31 mar 2021

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