Range trend will be formed?CHZ had a good price growth during the last weeks. Due to the good positive reaction that the price showed to the support area of $0.18 and the increase in demand in this area, a double bottom pattern was formed in the daily time frame. The pattern was confirmed when the price crossed the $0.22 range. High buying pressure caused the price to grow further and hit the daily resistance range.
This resistance, considered in the range of 0.236 to 0.270 dollars, has been negatively reacted by the price in the past few days, and we see a 15% decrease in its price. The last weekly candlestick is a bearish candlestick, which shows that the current resistance range is reactive, and considering the 250% growth of its price, the potential for trend-ranging and profit saving for buyers in these ranges is high. So CHZ can enter a range trend between the current resistance range and the $0.18 support.
