$CHZ – Rejection Near Resistance, Weak Structure Signals Pullback
Trading Plan (Short)
Entry: 0.0390 – 0.0402
SL: 0.0428
TP1: 0.0375
TP2: 0.0367
TP3: 0.0355
$CHZ /USDT is currently trading around 0.0391, struggling to gain momentum after failing to approach the key resistance at 0.04195. Price action shows weak bullish continuation, with sellers stepping in before resistance is even tested.
On the 1H timeframe, structure is leaning bearish with lower highs forming, indicating distribution rather than accumulation. Price is also hovering above MA99 (0.03667), which acts as a key support — a breakdown below this level could accelerate downside momentum.
If price loses 0.0367, expect a move toward 0.0355 zone, as bearish pressure builds. On the flip side, a strong reclaim above 0.042 would invalidate this short setup.
This setup is based on resistance rejection + weak structure, making it a clean short bias unless breakout occurs.
Will CHZ break support or bounce from MA99 again? 🤔
Trade
$CHZ here 👇
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