Bitcoin continues to face pressure near the upper boundary around 99000. Is it a breakthrough or a continued downward adjustment? In fact, both probabilities are 50%. Last week, a special article was written about how Bitcoin faces the hundred thousand mark. Due to long-term holders selling for profit, the price needs to undergo sufficient turnover at high levels to reduce immediate profit-taking, allowing the price to rise smoothly and continue to increase. As there is still plenty of time in the bull market, it is believed that Bitcoin still has higher expectations. Although expectations are abundant, the market shows hesitation at the hundred thousand mark, and the buying power is not very strong. A pullback to test support is also not a low-probability event. Therefore, when participating in spot trading, everyone should control their positions within 60% and set defensive measures according to their holding style.
Of course, during the high-priced consolidation period, many quality coins also showed good upward shapes. Today, I will analyze and recommend CHR to everyone. First, let’s take a look at the shape of this coin from the daily chart. CHR hit the bottom on November 5th, when the market was hot after the U.S. election with Trump winning, and at that time, the price reached the strong support level of 0.140, which was the pin bar after the extreme drop on August 5th. Like most coins, CHR also welcomed a wave of rising. However, CHR's entire rising path is relatively strong and continuous. Although there were pullbacks along the way, it quickly recovered the losses. In the past month, there have only been two consecutive bearish candles, which usually means that after one bearish candle, there will be a bullish candle, or a series of bullish candles testing upward. The bullish support for the price increase is strong, and after the price rises, it can usually stabilize, indicating that buying pressure is relatively persistent and selling pressure is low. Currently, the daily rising channel has formed, and the long-term MA has turned up, being in the early to mid-stage of the rise. The quick momentum of the mid-to-late stage will be relatively close, and for coins of this type, the bulls are usually expected to continue.
From the details of the four-hour cycle, the entire upward channel's movement will be more beautiful and healthy. The entire rise is at a 45-degree slope, with the pullback rebounding on the four-hour MA 60 as the support line (currently corresponding support at 0.250). The small pullback in between uses MA 30 as a springboard (corresponding price at 0.265). In terms of shape, whether on the daily or four-hour cycle, it shows relatively proactive and positive behavior, with a clear upward shape suitable for buying in. Currently, the CHR daily line has broken through the peak resistance level of 0.285 from mid-July, indicating that the CHR price has consecutively broken through three peak levels and has entered a formal upward trend. The next resistance level will approach the peak level of 0.370 at the end of May. At that time, it is predicted that there will be some pause and oscillation to absorb trapped positions, and then it will launch towards the high of this bull market around 0.500.
The current circulating market value of CHR is 237 million USD (corresponding price 0.285), which belongs to a small market cap, and the current tokens are in a fully circulating state. For coins in a fully circulating state, their market price usually reflects reality very well.
In terms of CHR's operational entry, it is recommended to participate in the support area at 0.250-0.260 on the four-hour chart. Below 0.230, bravely take action to average down. In the short term, look at 0.300, in the medium short term at 0.350, and in the medium term at above 0.450.
Risk Warning: The decline and testing support for Bitcoin are difficult to predict. The analysis of spot trading and Bitcoin's fluctuations cannot synchronize with each other. After all, during non-declining periods, major coins have the opportunity to rise, but once a decline occurs, everything falls. Therefore, it is advised to manage positions well as a precaution and hope everyone can treat the current situation objectively.
Must-read for coin friends: The main trading methods are diverse, and ordinary participants can easily be confused and incur losses. Timely attention to the analysis can help you stand on a higher ground and pursue wealth in the crypto circle from a professional perspective.$CHR 
