Veteran trader Peter Brandt has commented on the appearance of a head and shoulders bottom on the Chiliz weekly chart. A Twitter user named "Jleader" had spotted a "massive 11-month head and shoulders bottom forming on the CHZ weekly chart."
Ppl say that classical charting principles do not apply to cryptos. Yet, classical charting can be magic in certain cases. This may be one https://t.co/SJvJkNrbqV— Peter Brandt (@PeterLBrandt) November 5, 2022
Brandt, who frequently remarked that it was a thing of beauty when chart patterns played out, was quick to point out the "magic" of the classical pattern the user had identified.
The well-known head and shoulders (H&S) pattern forms when an asset's price reaches the top and then declines back to the base of the prior up-move.
The head and shoulders pattern can also form in the opposite direction. This is known as the head and shoulders bottom, or the inverted head and shoulders, which was identified on the CHZ chart. This bullish version of the H&S pattern forms near the bottom of the downtrend and implies that the existing bearish tendency might be reversed, and the price will go higher.
Chiliz price on run
The Chiliz (CHZ) price started a run after hitting a floor at the $0.163 level on Oct. 21. The daily RSI made a corresponding rise from 30 oversold levels to above 70 overbought levels.
The formation of a bullish golden cross on the daily chart has also helped buoy Chiliz higher. The enthusiasm surrounding the FIFA World Cup is enabling the consistent price rise, with CHZ reaching highs near $0.28 at the time of writing.
According to a recent announcement, the fan tokens of the Italian soccer team, the Argentine team and the Portugal team would be listed on the BitMart exchange on Nov. 11.