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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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.