CHZUSDT GANN 1HR - Why isn't the price moving?
A lot of people here have drawn triangle breakouts confirming that there is an uptrend coming. Big sell wall at 0.56 on exchanges, and it makes sense because that's the top of the inverse head and shoulder limit that is formed at the moment.
But I need to bring everyone's attention to the price movement on the GANN fan. This movement happening right now where it's still trending downwards is because it is following the red resistance line, which has been strong resistance since the ATH. I didn't draw these lines because it's a big sell or because it's what everyone is saying - these are the Gann lines themselves! It lines up perfectly with the 0.56 strong resistance - coincidence? - think not!
It must break this red downwards diagonal line AND break the 0.56 mark to then reach higher. The other lines in white are all gann lines, and show trend zones. I erased all the useless stuff and kept the important ones to watch.
Do not buy until it has confirmed a break from 0.56 going upwards. Then use the white lines above as TP levels. Price will typically fall along those curves, so use those curves as falling trends.
But I need to bring everyone's attention to the price movement on the GANN fan. This movement happening right now where it's still trending downwards is because it is following the red resistance line, which has been strong resistance since the ATH. I didn't draw these lines because it's a big sell or because it's what everyone is saying - these are the Gann lines themselves! It lines up perfectly with the 0.56 strong resistance - coincidence? - think not!
It must break this red downwards diagonal line AND break the 0.56 mark to then reach higher. The other lines in white are all gann lines, and show trend zones. I erased all the useless stuff and kept the important ones to watch.
Do not buy until it has confirmed a break from 0.56 going upwards. Then use the white lines above as TP levels. Price will typically fall along those curves, so use those curves as falling trends.
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We have successfully gotten the first wick above the resistance line, let's see what happens.
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Stop loss if < 0.51
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Stop loss hit. But larger bull movement might still be in play. Waiting for it to hit the 2nd white arc in the middle.
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Price moving along red line, waiting for it to make contact with white arc to start uptrend
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It bounced off the red resistance line, which is also exactly in line with the 200MA. This chart has been working extremely well. If price does not move up soon it will be problematic.