Hello Traders !

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– Looking for the overall market trend direction on 1D time frame chart we can see that CHZ managed to broke out from this huge downtrend with a very strong volume ( buy pressure ) to the upside
A falling wedge was formed on this downtrend making lowers highs and lowers lows but sellers lost their momentum making a new lows holding price on level support 0.155$ 0.166$

– Getting deeper to the lower time frame 4H an ascending triangle was formed since 22 January 2022 suggesting that buyers were accumulating on this level of support 0.155$ making new high lowers and buying on every minor dips
and the breakout was successful breaking the upper bound acting non horizontal resistance.

– From a technical perspective, if price do retest the breakout level, and the level holds, it’s a strong sign that the breakout is valid because market interest is entering there in the direction of the break, however what we would like to
see from buyers taking the price higher breaking the local resistance ( blue zone ) towards resistance zone 0.245$ in order to keep the successful uptrend reversal, knowing that 200 EMA is acting as a dynamic resistance on blue zone
resistance showed on 4H chart which buyers will need to break in order to take the price higher to the last swing low above 0.245$ , if failed price will go back to level of breakout 0.190$.

Good Luck Traders 🙂