CHZUSDT Reversal Potential Breakout & Fibonacci Retest in Focus

Chart Analysis:

The CHZ/USDT pair on the 1D timeframe has successfully broken out of a long-term descending trendline, which had been acting as resistance since December 2024. The breakout occurred with a strong bullish candle, suggesting a potential trend reversal.

Currently, the price is performing a retest of the breakout zone, which aligns perfectly with the Fibonacci retracement levels:

0.5 at $0.03902

0.618 at $0.03703


This confluence zone is critical as it may serve as a base for a continued bullish move.

---

Pattern Identified:

Descending Triangle Breakout → Signaling the end of a distribution phase and the potential start of accumulation.

Bullish Retest Zone → Price is testing the previous resistance turned support + Fibonacci confluence.

---

Bullish Scenario:

✅ If price holds above the $0.037–$0.039 support area and forms a bullish rejection candle, potential upside targets include:

$0.04699 (minor resistance)

$0.05395

$0.06310

$0.07483

Up to psychological resistance at $0.09686

---

Bearish Scenario:

❌ If price breaks below the $0.03703 level, further downside could be seen toward:

$0.03306 (local support)

And possibly the recent low at $0.03060


However, as long as the price stays above the 0.618 Fibonacci, the bias remains bullish.

---

Conclusion:

CHZ/USDT is at a critical decision point. A successful retest of the breakout zone combined with Fibonacci support could provide a strong accumulation opportunity for buyers. Watch closely for bullish confirmation candles in the yellow zone before entering.

#CHZ #CHZUSDT #CryptoBreakout #FibonacciLevels #TechnicalAnalysis #AltcoinWatch #TrendReversal #CryptoTrading #TradingViewAnalysis