AVAX USDT
1. Triangle Formation
Currently, AVAX is trading within a triangle pattern, which could potentially be part of a strong weekly trend correction. This pattern suggests a phase of consolidation before the price decides its next significant move.
2. Decreasing Volume on Bearish Candles
The decreasing volume on bearish candles indicates that sellers are losing strength. Additionally, we are approaching the end of the triangle, which increases the likelihood of a breakout in the near future.
3. RSI Trendline Confirmation
Using an RSI trendline adds further confirmation to this analysis. It provides a stronger basis for predicting potential price movement. However, for safer entries, one could consider entering a trade above the last daily high to confirm the breakout.
It’s important to note that these analyses are based on probabilities, and even in the best-case scenario, there is only a 50% chance of them playing out. Therefore, risk and capital management should always remain a top priority.
Currently, AVAX is trading within a triangle pattern, which could potentially be part of a strong weekly trend correction. This pattern suggests a phase of consolidation before the price decides its next significant move.
2. Decreasing Volume on Bearish Candles
The decreasing volume on bearish candles indicates that sellers are losing strength. Additionally, we are approaching the end of the triangle, which increases the likelihood of a breakout in the near future.
3. RSI Trendline Confirmation
Using an RSI trendline adds further confirmation to this analysis. It provides a stronger basis for predicting potential price movement. However, for safer entries, one could consider entering a trade above the last daily high to confirm the breakout.
It’s important to note that these analyses are based on probabilities, and even in the best-case scenario, there is only a 50% chance of them playing out. Therefore, risk and capital management should always remain a top priority.
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