CHZ: Ascending Triangle Breakout
Trade setup: Price is in an uptrend. Bullish breakout from Ascending Triangle, above $0.13, signals resumption of uptrend with +20% upside to $0.155. Chiliz is a digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement & rewards platform Socios.com.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart. Learn to trade chart patterns in Lesson 8.
Trend: Short-term trend is Strong Up, Medium-term trend is Up and Long-term trend is Up.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.10, then $0.07. Nearest Resistance Zone is $0.17, then $13.00.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart. Learn to trade chart patterns in Lesson 8.
Trend: Short-term trend is Strong Up, Medium-term trend is Up and Long-term trend is Up.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.10, then $0.07. Nearest Resistance Zone is $0.17, then $13.00.
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