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Chiliz Bulls Might Look to Book Profits Here as CHZ Revisits Support Level

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Sep 29, 2022
  • Chiliz had its price revisiting bullish order block.
  • Buyers should beware of bearish BTC.

Chiliz recorded an impressive performance in September. The upside moved two weeks ago saw the token surging 60% from its lows to swing peaks. Though the previous seven days saw the alt losing around 15%, CHZ retained a bullish long-term outlook.

Nevertheless, a dip beneath $0.22 would annul this narrative. Previously, a bearish divergence emerged, and Bitcoin’s selling momentum triggered a swift drop for Chiliz.

CHZ at Bullish Order Block, Though Choppy Waters Await

The daily chart exhibited a bullish outlook. Thus, a bullish bias on the 12hr chart remained a guarantee. The $0.18 mark represented a vital support level that saw CHZ soaring to $0.28 early this month. Mid-August sessions saw $0.24 – $0.25 acting as resistance.

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The price had plummeted beneath the crucial $0.247 during this publication. Nevertheless, it remained inside the bullish order block printed some days ago. Thus, a ‘buy’ opportunity with a somewhat high risk existed.

Chiliz might see upside actions towards $0.28 – $0.3 in the coming week or two. Nevertheless, such a move heavily depends on BTC keeping the support barrier at $18.6K. A Bitcoin move past $20K would enhance CHZ’s sentiment.

Net Inflow Over Last Two Weeks: Derivatives in Play?

Mid-September sessions had CHZ recording massive outflows from exchanges for some days (CryptoQuant data).

That indicated that investors could have sent tokens to cold storage, signaling investor accumulation. Yet, the following two weeks had CHZ on stable exchange inflows, even with the price soaring to $0.28.

Generally, inflows over the last few days indicated that volatility might be imminent. BTC’s decline below $20K might welcome massive downside actions. Fear of extended losses might see market players sending their Chiliz tokens to exchanges before selling.

Meanwhile, a daily session closing beneath $0.22 would invalidate the bullish narrative. Bulls can capitalize on northbound actions by booking profit at the $0.28 mark.

Bitcoin maintained a bearish bias. And that might drag CHZ to lower-value areas in the coming few days. Thus, caution remained essential.

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