Chiliz (CHZ) price started run after hitting floor at $0.163 level
veteran businessman Peter Brandt Chili’s has commented on the appearance of the head and shoulders bottom on the weekly chart. A Twitter user named “jleider” noted an “11-month large head and shoulders bottom formation” on the CHZ weekly chart.
Brandt, who frequently remarked that it was a thing of beauty when chart patterns played out, was quick to point out the “magic” of the classical pattern the user had identified.
The famous head and shoulders (H&S) pattern is formed when the price of an asset reaches the top and then returns based on the previous move.
The head and shoulders pattern can also form in the opposite direction. This is known as the head and shoulders bottom, or the inverted head and shoulders, which was identified on the CHZ chart. This bullish version of the H&S pattern forms near the bottom of the downtrend and implies that the existing bearish tendency might be reversed, and the price will go higher.
price of chilis going up
Chillies (CHZ) price started a run after reaching the level of $0.163 on October 21. The daily RSI made a corresponding move from the 30 oversold level to above the 70 overbought level.
The formation of a bullish golden cross on the daily chart has also helped buoy Chiliz higher. The enthusiasm surrounding the FIFA World Cup is enabling the consistent price rise, with CHZ reaching highs near $0.28 at the time of writing.
According to a recent announcement, fan tokens for the Italian football team, the Argentine team and the Portugal team will be listed on the Bitmart exchange on November 11th.
