Chiliz (CHZ) – Rekindled its negative bearing

Chiliz (CHZ) – Rekindled its negative bearing

Chiliz (CHZ) has been developing within a downwards sloping channel on the four-hour chart after peaking at 0.332 in late March. Moreover, the price action is currently taking place well below the descending 20- and 40-period exponential moving averages which are endorsing the short-term bearish outlook.

Oscillators are skewed to the downside reflecting the bears’ dominance. The MACD has crossed back beneath its trigger line, while the IMI is heading lower in the bearish region approaching the oversold waters.

Hence, the base scenario is for negative momentum to intensify further steering the price towards the 161.8% Fibonacci extension at 0.208. Should deeper declines unfold, the 261.8% Fibonacci extension level at 0.182 will step under the radar.

Nevertheless, if bulls return to the game, they may initially get congested in the region between the exponential moving averages and the most recent high of 0.250, cemented by the channel’s upper line. Crossing above these barricades, the price will test the 5^th of April swing high at 0.278 before jumping towards the 2^nd of April high at 0.294. Climbing north, the 30^th of March high at 0.332 will next attract attention.

Chiliz (CHZ) negative bearing has been rekindled after the recent breach of the 0.224 support, which increased odds for an extension towards 0.208.