Famous Analyst Commented on Chiliz (CHZ) Chart: This Pattern Might Happen!

Experienced investor and analyst Peter Brandt, Chiliz (CHZ) on the weekly chart your head and shoulders He stated that it is a bottom formation.

A Twitter user named “Jleader” claimed that a massive 11-month head and shoulder base had formed on the CHZ weekly chart. Brandt also commented, confirming the user’s claim.

Veteran Trader Peter Brandt Comments on Chiliz (CHZ) Chart Pattern

Expressing that the emergence of chart patterns is a very beautiful thing, Brandt was quick to draw attention to the magic of the user-defined classic pattern.

Ppl say that classical charting principles do not apply to cryptos. Yet, classical charting can be magic in certain cases. This may be one https://t.co/SJvJkNrbqV

— Peter Brandt (@PeterLBrandt) November 5, 2022

In his tweet, Brandt stated that the classical technical rules are often not valid in cryptocurrencies, but in this chart, the opposite may be possible.

The well-known head and shoulders pattern is formed when an asset’s price peaks and then falls back to the bottom of the previous bullish move.

Head and shoulder formation can also occur in the opposite direction. This is known as the base of the head and shoulders or inverted head and shoulders, which is also seen on the CHZ chart.

This bullish version of the head and shoulders pattern is formed near the bottom of the downtrend and signals that the current downtrend may reverse and the price may rise.

Chiliz (CHZ) price rallied after bottoming out at $0.163 on October 21. The daily RSI has broken from the 30 oversold level to above 70 overbought levels.

It will start in the coming days of the FIFA World Cup with enthusiasm, in fan tokens and CHZ price increases are likely. for all this Bitcoin (BTC) The absence of bearish movements seems to be a priority condition.

At the time of this writing Chiliz (CHZ) price 0.2647 traded at dollar levels.

It is not investment advice.