CHZUSDT Buy | S6T2 - Team Trading Post for Team Frontline
Hello Everyone,
lets get started...
Chiliz is one of the most digital currency for sports and entertainment. It is built on the Socio which is a blockchain based on sports and entertainment. Fan tokens like chiliz are a way of connecting fans with content creators by creating streaming platforms. Users have the opportunity to participate in the governance of any of their favorite sports teams where there are allowed to vote in decision making.
Chiliz have partnership with a lot of big clubs in the various top 5 leagues in Europe which include Barcelona, Juventus, PSG, Man City, Roma, Ac Millan, Napoli and a lot more. Not only in football clubs but with other sports such as the UFC and other gaming activities.
Alexandre Dreyfus is the founder of this token and still the CEO. Chiliz was founded in 2017 with aim to generate and establish a fan token as a powerful tool to as a revenue generator In the sports industry.
What is unique about this token is that fans has the ability to vote on the socios platform with their fans token including chiliz. One of these decision be the color and design of a new season jersey. Chiliz also supply limited of its token in the initial fan token offering. The supply is based on first come first serve basis. The chiliz token is the platform main currency and can be used to swap or purchase other fan token. I have a post where you can read more about it
The current price of the CHZ at the time of writing this post is at $0.1952 which is up 3.64% in the 24 hours. It currently has a trading volume of $246,930,584 USD and a market cap of $1,188,167,504 USD which are up by 2.01% and 1.43% respectfully. The circulation supply of CHZ is currently at $1,188,167,504 USD.
The token can be traded on a lot of exchanges like Socios, Binance, KuCoin, Poloniex and more.
I will be using two indicators which are the RSI indicator and the Exponential Moving Average on a 30 mins time frame CHZUSDT chart. I'm using these two indicators to filter out false signals from either indicators. This will be a scalp trade to profit off the small price changes.
Lets first analyze the price with the Exponential Moving Average. I used a 20 period and a 50 period for the EMA. From the chart we can see the 20 period which is the blue line rejecting the price in various occasions, this means it serves as the support. Likewise if the price is below the moving averages, it serves as the resistance.
Now with the RSI Indicator, it is currently above the 50 and below the 70 mark heading upwards which indicates a bullish trend. This is a confirmation of the signal gotten from the EMA indicator.
I went ahead and made my entry into the market. I made my stop loss at $0.1939 and my takeout profit at $0.2052. My entry point was at $0.1987. After some mins i reached my target at $0.2087 and the takeout profit was then executed.
After a while, i checked through the chart and realized i could still make some profit as the price was yet to get to get into the overbought region and the 20 period haven't crossed below the 50 period yet. I get back into the market again and set up my takeout profit at the next resistance level and my stop loss at the support level just below the price. After some while the price hit my target and the takeout profit was executed.
The main actual reason was the use of my indicators. They all gave me good indications which actually worked for me. I used both the RSI and Exponential moving averages on the chart for my analysis.
First trade i was very sure the price will hit the next resistance which is at $0.2052, so upon reaching my target the sell order executed. After some while, I was still checking on the price with other indicators like the Ichimoku cloud and realize i could still make some profit of the little change in price the indicators signal to me. I make an entry back and the price got to the next resistance again at the price of $0.2047. The price hit my target and the order was executed.
I was making a scalp trade so i planned to hold short and its the main reason i used the 30 mins time frame chart. From the chart above we could see the plan paid off because i was able to make some profits.
Yes i will especially on the socios.com platform for sports fans. Not only to make profits off the price changes but for other activities such as voting on the decisions of clubs.
And for the profits too, these big sports clubs have huge following and could get people interested into the platform and this gets the betterment of the token in every aspect of it.
This is the End of my today day trade, see you tomorrow...