CHZ/USDT Triangle Teases Explosive Move - Get Ready!

Aug 10, 2023

💎 Paradisers, take a moment to observe CHZ/USDT. On the 1-hour chart, it's sketching out a triangle pattern. Currently, it's hovering beneath the resistance and demand zone ranging from 0.0766 to 0.0755. Notably, the resistance is reinforced by the 200 EMA, which could exert downward pressure on the price. Extended consolidation often leads to a more pronounced move in the eventual breakout or breakdown direction. This is because during such phases, retail traders often accumulate positions and overtrade, placing their stop losses close to the resistance and demand zones. This dynamic can amplify the move post-breakout or breakdown.

💎 If CHZ/USDT manages to surge past the 0.0766 resistance, we might set our sights on targets at 0.0771 and further to 0.0780. On the flip side, a bearish scenario would require a breach below the 0.0755 demand zone. Should this level be compromised, we could anticipate a move towards the next demand zone at 0.0745. Stay vigilant and strategize wisely, ParadiseSquad!