Ascending Triangle
Updated
AVAX has been trading within an Ascending triangle for a while now. Last night the PA broke out to the downside along with Bitcoin.
It is currently trading in a key support/resistance zone (white box). The bearish breakout occurred with relatively low volume and we have yet to see any kind of bearish follow through. Because of this I am looking for a move back inside the pattern and another push at the major downtrend TL. This, of course, is assuming Bitcoin doesn't decide to completely die.
Targets for potential bounces if lower are the 1.272, 1.414, 1.618 fib extensions. Measured move PT if back inside the pattern and bullish breakout: ~$140.
It is currently trading in a key support/resistance zone (white box). The bearish breakout occurred with relatively low volume and we have yet to see any kind of bearish follow through. Because of this I am looking for a move back inside the pattern and another push at the major downtrend TL. This, of course, is assuming Bitcoin doesn't decide to completely die.
Targets for potential bounces if lower are the 1.272, 1.414, 1.618 fib extensions. Measured move PT if back inside the pattern and bullish breakout: ~$140.
Note
After coming back up to the bottom TL of the triangle the re-test was rejected. Bitcoin had a significant breakdown from the Russian FUD forcing this PA lower and is now seeing a reaction off the 1.618 fib extension level.
Trade closed: stop reached
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