Chiliz (CHZ) 100x Bull flag?Yes, 10,000%.
On the above 12 day chart price action has corrected over 60% since March. A number of reasons now exist for a long position. They include:
1) Price action and RSI resistance breakouts.
2) Support confirmation. Orange arrows. This is called a double bottom.
3) Trend reversal. A higher high has now printed just like the one before it in August 2020 on this time frame.
4) Hook reversal pattern, look left! Students, you know why this is important?
5) The bull flag. Confluence is paramount when drawing flag patterns. I see so many poorly drawn flags on tradingview ideas. Confluence refers to the number of times price action touches the boundaries of a channel. The more times this happens the more significant the channel for use in forecasts. A repeat for the 2020 impulsive wave takes price action to the $5 area or 100x.
Is it possible price action corrects further? Sure.
Is it probable? No.
Ww
Type: trade
Risk: all in. You decide.
Timeframe for long: This month
Return: 80 - 100x
Long
