CHZ can slide another 10% after falling below this critical support level

📆 12/12/2022 3:35 AM
📰 CryptoAmb

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The higher timeframe market structure is strongly bearish A bullish order block from August could offer some respite to the bulls Chiliz traded within a range since late September. It extended from $0.28 to […]

The loss of the lows of the three-month range was also significant. It reinforced the fact that the bulls will have their work cut out in the coming weeks. Bitcoin’s trend did not favor the buyers either, and these risky market conditions meant that capital preservation was important.Source: CHZ/USDT on TradingView

These gains shed their weight just as quickly. The lows of the range had confluence with a bullish order block formed on 13 August. However, CHZ was only able to manage a tiny bounce from the range lows. Thereafter, the order block was broken and flipped to a bearish breaker. The $0.13-$0.141 area was a bullish order block from early August, and had confluence with a longer-term horizontal level. Therefore, a bounce in prices could materialize in this region.Santiment

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