Cryptocurrency Chiliz (CHZ): forecast for the month of March, CHZ risks falling by -44%

Hello traders, investors and the community!

Welcome to the technical analysis of CHZ / USD, today we will look at the perspective of a 4-hour period. Chiliz is trading at the upper border of the descending triangle (this pattern is bearish). Also, at the level of $0.52, there are two four-hour moving averages SMA-50 and SMA-100, and they are increasing resistance at this level, hence the possibility of a reversal. The bearish outlook will be confirmed as soon as the price breaks the delicate border of the pattern.

Also, worth noting is the MACD, which indicates a clear bearish divergence ....

CHZ / USD 4-hour chart

But also do not forget about the Bulls: If the CHZ price manages to overcome all these obstacles, break the resistance level of $0.52 and gain a foothold above, then most likely the bulls will test a new record high and, possibly, the price will reach $1.

Bottom line: based on all this data, I open a short position, but if a bullish breakout is confirmed, the trade will be inactive.

📝 Earn money, but don't forget about risk management and money management.