AVAX has been forming a triangle pattern for an extended period. The price was respecting the triangle and making higher lows. Everyone was expecting a bullish breakout and continuation of the uptrend. However, the price reacted to the fall of Bitcoin and started to fall with it.
The triangle pattern:
The triangle pattern is a neutral pattern that can be either bullish or bearish. The price typically breaks out of the triangle in the direction of the previous trend.
The fakeout:
The price broke down below the lower trendline of the triangle on 1 April.
The imbalance:
There is a large imbalance of buy orders in the $44 zone. This imbalance suggests that the price is likely to bounce off this zone and continue to rise.
Bullish targets:
The first bullish target is the $60 level, which is the top of the triangle pattern. Further upside could see the price reach $70 or even higher.
The triangle pattern:
The triangle pattern is a neutral pattern that can be either bullish or bearish. The price typically breaks out of the triangle in the direction of the previous trend.
The fakeout:
The price broke down below the lower trendline of the triangle on 1 April.
The imbalance:
There is a large imbalance of buy orders in the $44 zone. This imbalance suggests that the price is likely to bounce off this zone and continue to rise.
Bullish targets:
The first bullish target is the $60 level, which is the top of the triangle pattern. Further upside could see the price reach $70 or even higher.
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Private community with my recommendations 👉 [ bit.ly/bs-alerts ]
Asset Management 👉 [ bit.ly/assetmn ]
Asset Management 👉 [ bit.ly/assetmn ]
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.