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CHZ/USDTPERP Potential Downward Movement

CHZ/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 0.26050, 0.29521, 0.30000

Key Support Levels: 0.23221, 0.21282, 0.21200

Daily Chart:

The price on the higher time frame is traded inside a support & resistance which are respectively the 0.23221 & 0.26051 USDT marks. The market tested the resistance and failed to break where it left a bar with long wick to the upside (Highlighted by the arrow).

CHZ/USDTPERP Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bullish channel to the downside, and an inverse head and shoulders is formed. We expect a higher correction to the highlighted zone before a new impulsive wave to the target profit.

Signal Idea:

Sell Limit Order @ 0.25448

TP 1 @ 0.23256

TP 2 @ 0.21282

Stop Loss @ 109.87

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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