CHZ possible long, turning RES into SUP
CHZ broke resistance and continued to perform, even wicking the next resistance level above.
As to be expected, it pulled back to retest the previous resistance which is now showing signs of support.
The RSI on the 1hr has hit the bottom and is beginning to turn upwards. It managed to break below 20RSI on the hourly without much PA downward or even into the, what i would now consider, support range.
If this area holds as support, ill be considering a LONG position with a TP above that last swing high.
P.S. forgive me if you dont appreciate the fib fan. i would normally remove it.. but i quite enjoy the accuracy in this case.. so i left it! enjoy.
As to be expected, it pulled back to retest the previous resistance which is now showing signs of support.
The RSI on the 1hr has hit the bottom and is beginning to turn upwards. It managed to break below 20RSI on the hourly without much PA downward or even into the, what i would now consider, support range.
If this area holds as support, ill be considering a LONG position with a TP above that last swing high.
P.S. forgive me if you dont appreciate the fib fan. i would normally remove it.. but i quite enjoy the accuracy in this case.. so i left it! enjoy.
Trade closed: target reached:
entry hit at the top of support and TP hit right above the last high.
still has room to rise if bitty/ETH continue upwards. but id be looking for shorts as it retests the new trend line which it has actually now broken down and is testing up
still has room to rise if bitty/ETH continue upwards. but id be looking for shorts as it retests the new trend line which it has actually now broken down and is testing up
follow the waves
i was almost thinking to short CHZ at this level, but it seems to me as though it has the momentum to break through and settle into the next range up!