✴️ Chiliz | Weak But Not For Long...
We can see that CHZUSD (Chiliz) is trading below its May 2022 low which is a signal of weakness.
Many other Altcoins are already above EMA50 and EMA100 daily but this one is lagging behind.
As I explained before, with thousands and thousands of Altcoins, some will move ahead and the rest will follow.
The market moves in sections, in groups.
We have a lower low in June and a V shape recovery.
We have a very strong bullish divergence with the MACD which is very telling as these divergences only develop when a reversal is about to happen. This being a year long divergence tells us everything we need to know.
Here is the MACD chart:
That's pretty much it.
Wishing you a good day!
Salutations.
Many other Altcoins are already above EMA50 and EMA100 daily but this one is lagging behind.
As I explained before, with thousands and thousands of Altcoins, some will move ahead and the rest will follow.
The market moves in sections, in groups.
We have a lower low in June and a V shape recovery.
We have a very strong bullish divergence with the MACD which is very telling as these divergences only develop when a reversal is about to happen. This being a year long divergence tells us everything we need to know.
Here is the MACD chart:
That's pretty much it.
Wishing you a good day!
Salutations.
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