Analyst Who Knows Every Step of Bitcoin: This Altcoin Chart is Magic!

CHZ, the altcoin project of the sports and entertainment focused Blockchain Chiliz, gained 29 percent last week. Most of October, CHZ was below $0.2. However, in the last days of the month, it was seen that the token exceeded this roughness. It formed a new local top at $0.2524 today. Thus, it recorded the highest level in 30 days. Meanwhile, famous trader Peter Brandt commented on the Chiliz weekly chart. Here are the details…

Peter Brandt points to sports-focused altcoin CHZ

Senior trader Peter Brandt noted the “head & shoulders” pattern on the Chiliz weekly chart. He commented on the appearance of the bottoms of this formation. The analyst first commented on the graphic that a Twitter user named “Jleader” drew attention to. The user detected a “massive 11-month head and shoulder base formation on the CHZ weekly chart.”

Stating that the realization of the formations on the chart is a “good thing”, Brandt points to the exact same thing for CHZ. The famous analyst said, “People say that classical chart principles do not apply to cryptos. However, classical graphic principles can be magical in some situations. For that.” said.

What is the significance of the H&S pattern?

Brandt was quick to point out the “magic” of the user-described classic pattern. The well-known head and shoulders (H&S) pattern is about an asset’s price reaching a top. It occurs after the crest returns to the base of the previous uptrend. Koindeks.com As we have also reported, head and shoulder formation can also occur in the opposite direction. The subject of the word is defined in the CHZ chart, known as “head and shoulder bottom” or “inverted head and shoulders”. The bullish version of the H&S pattern is forming near the bottom of the downtrend. It points to the possibility of the current downtrend being reversed.

Chiliz price has risen recently

Outside of the charts, a number of developments pointed to growth in CHZ. Blockchain, for example, recently launched Cayenne, the fourth and final digit of the Scotville testnet. Also, the FIFA world cup is scheduled to start this November. The tournaments for the 22nd FIFA World Cup will take place in Qatar. The tournament will run for 28 days, from November 20 to December 18. As the world cup approaches, fan tokens are seeing an overall price increase.

With the football streak becoming the official crypto, market participants expect an increase in demand throughout the cycle. According to experts, CHZ demand in the Chiliz network has the potential to remain strong thanks to tournament offers. In the context of the 2022 FIFA World Cup, CHZ stands as the only cryptocurrency to be used directly by the fan community. However, there are other cryptocurrency platforms that will be available, albeit in a sponsorship capacity. Crypto.com announced its sponsorship of the tournament in March 2022.

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