Avax vs BTC analysis with very positive diagnosis
The Avax coin is showing several bullish signs and could provide a great buying opportunity in the coming days.
I usually avoid buying when continuation patterns break out, however, in this case, the asset is forming an ascending triangle just below the resistance line. This type of accumulation serves as a great support point for protecting a possible stop. Combining this with a double bottom formation in a macro view and the presence of a very powerful resistance that could serve as support later, I believe that buying this asset when the triangle breaks out or after a pullback to the resistance would be a great opportunity for profit.
Reasons to be Bullish:
1 - Double bottom formation.
2 - Key resistance/support level for protecting a stop
3 - Formation of an ascending triangle for protecting a future stop.
4 - Good risk/reward ratio for a swing trade.
To receive more analyses like these, follow me on tradingview.
I usually avoid buying when continuation patterns break out, however, in this case, the asset is forming an ascending triangle just below the resistance line. This type of accumulation serves as a great support point for protecting a possible stop. Combining this with a double bottom formation in a macro view and the presence of a very powerful resistance that could serve as support later, I believe that buying this asset when the triangle breaks out or after a pullback to the resistance would be a great opportunity for profit.
Reasons to be Bullish:
1 - Double bottom formation.
2 - Key resistance/support level for protecting a stop
3 - Formation of an ascending triangle for protecting a future stop.
4 - Good risk/reward ratio for a swing trade.
To receive more analyses like these, follow me on tradingview.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.