Chart Analysis:
The CHZ/USDT pair on the 1D timeframe has successfully broken out of a long-term descending trendline, which had been acting as resistance since December 2024. The breakout occurred with a strong bullish candle, suggesting a potential trend reversal.
Currently, the price is performing a retest of the breakout zone, which aligns perfectly with the Fibonacci retracement levels:
0.5 at $0.03902
0.618 at $0.03703
This confluence zone is critical as it may serve as a base for a continued bullish move.
---
Pattern Identified:
Descending Triangle Breakout → Signaling the end of a distribution phase and the potential start of accumulation.
Bullish Retest Zone → Price is testing the previous resistance turned support + Fibonacci confluence.
---
Bullish Scenario:
✅ If price holds above the $0.037–$0.039 support area and forms a bullish rejection candle, potential upside targets include:
$0.04699 (minor resistance)
$0.05395
$0.06310
$0.07483
Up to psychological resistance at $0.09686
---
Bearish Scenario:
❌ If price breaks below the $0.03703 level, further downside could be seen toward:
$0.03306 (local support)
And possibly the recent low at $0.03060
However, as long as the price stays above the 0.618 Fibonacci, the bias remains bullish.
---
Conclusion:
CHZ/USDT is at a critical decision point. A successful retest of the breakout zone combined with Fibonacci support could provide a strong accumulation opportunity for buyers. Watch closely for bullish confirmation candles in the yellow zone before entering.
#CHZ #CHZUSDT #CryptoBreakout #FibonacciLevels #TechnicalAnalysis #AltcoinWatch #TrendReversal #CryptoTrading #TradingViewAnalysis
The CHZ/USDT pair on the 1D timeframe has successfully broken out of a long-term descending trendline, which had been acting as resistance since December 2024. The breakout occurred with a strong bullish candle, suggesting a potential trend reversal.
Currently, the price is performing a retest of the breakout zone, which aligns perfectly with the Fibonacci retracement levels:
0.5 at $0.03902
0.618 at $0.03703
This confluence zone is critical as it may serve as a base for a continued bullish move.
---
Pattern Identified:
Descending Triangle Breakout → Signaling the end of a distribution phase and the potential start of accumulation.
Bullish Retest Zone → Price is testing the previous resistance turned support + Fibonacci confluence.
---
Bullish Scenario:
✅ If price holds above the $0.037–$0.039 support area and forms a bullish rejection candle, potential upside targets include:
$0.04699 (minor resistance)
$0.05395
$0.06310
$0.07483
Up to psychological resistance at $0.09686
---
Bearish Scenario:
❌ If price breaks below the $0.03703 level, further downside could be seen toward:
$0.03306 (local support)
And possibly the recent low at $0.03060
However, as long as the price stays above the 0.618 Fibonacci, the bias remains bullish.
---
Conclusion:
CHZ/USDT is at a critical decision point. A successful retest of the breakout zone combined with Fibonacci support could provide a strong accumulation opportunity for buyers. Watch closely for bullish confirmation candles in the yellow zone before entering.
#CHZ #CHZUSDT #CryptoBreakout #FibonacciLevels #TechnicalAnalysis #AltcoinWatch #TrendReversal #CryptoTrading #TradingViewAnalysis
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✅ Get Free Signals! Join Our Telegram Channel Here: t.me/TheCryptoNuclear
✅ Twitter: twitter.com/crypto_nuclear
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✅ Benefits : Lifetime Trading Fee Discount -50%
✅ Twitter: twitter.com/crypto_nuclear
✅ Join Bybit : partner.bybit.com/b/nuclearvip
✅ Benefits : Lifetime Trading Fee Discount -50%
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.