Chiliz [CHZ] embarks on lower timeframe uptrend; can it break past this resistance?
The trend of CHZ on the higher timeframes was strongly bearish. This was evident on the charts based on the series of lower highs and lower lows the price has made in recent months. On the most recent drop, Chiliz formed a bearish order block on the daily timeframe.
The move downward from $0.145 to $0.1 devastated the bulls, and also offered areas of interest for the bears to look for shorting opportunities on a retest. One such area sat at $0.111. The move upward on 20 December signified an area where the price consolidated before the move downward.Additionally, the past few hours of trading saw CHZ boost as high as $0.1185. In doing so, short positions were caught offside, and liquidity was collected.
Traders can look to enter short positions around the $0.111-$0.115 area, with a stop-loss above the swing high at $0.1135. To the south, bears can look to take profit at the December low of $0.096. They can also target the 38.2% Fibonacci extension level at $0.086.Source:The exchange flow balance showed a large amount of CHZ withdrawals on 5 January as well as flow into exchanges. Overall, the tokens withdrawn were more in number. At the same time, the dormant circulation saw a massive spike.
This indicated formerly dormant tokens were suddenly on the move. Considering the fact that we could have witnessed aa few hours earlier, the flow of tokens into exchanges likely foreshadowed a large wave of selling. The 30-day MVRV ratio recovered above the zero mark and could climb higher. However, it was also in a place where short-term holders will look to take profits. This could add to the selling pressure.Subscribe to get it daily in your inbox.
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