CHZUSDT Reversal Potential Breakout & Fibonacci Retest in FocusChart Analysis:
The CHZ/USDT pair on the 1D timeframe has successfully broken out of a long-term descending trendline, which had been acting as resistance since December 2024. The breakout occurred with a strong bullish candle, suggesting a potential trend reversal.
Currently, the price is performing a retest of the breakout zone, which aligns perfectly with the Fibonacci retracement levels:
0.5 at $0.03902
0.618 at $0.03703
This confluence zone is critical as it may serve as a base for a continued bullish move.
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Pattern Identified:
Descending Triangle Breakout → Signaling the end of a distribution phase and the potential start of accumulation.
Bullish Retest Zone → Price is testing the previous resistance turned support + Fibonacci confluence.
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Bullish Scenario:
✅ If price holds above the $0.037–$0.039 support area and forms a bullish rejection candle, potential upside targets include:
$0.04699 (minor resistance)
$0.05395
$0.06310
$0.07483
Up to psychological resistance at $0.09686
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Bearish Scenario:
❌ If price breaks below the $0.03703 level, further downside could be seen toward:
$0.03306 (local support)
And possibly the recent low at $0.03060
However, as long as the price stays above the 0.618 Fibonacci, the bias remains bullish.
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Conclusion:
CHZ/USDT is at a critical decision point. A successful retest of the breakout zone combined with Fibonacci support could provide a strong accumulation opportunity for buyers. Watch closely for bullish confirmation candles in the yellow zone before entering.
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