AVAX Breakout Potential
Indicators used:
True Momentum Oscillator
Fibonacci Bollinger Band Cluster
Consensus Tables
The daily AVAXUSDT chart seems primed for a breakout, with lower timeframe charts beginning bullish movement. The TMO is in the oversold lower range with the momentum heating up towards the zero line. Price is hovering around the bottom-most band of the Fib. Bollinger Band cluster, past the 1st, 2nd, and 3rd deviations. Price action is testing upper bounds of a larger trendline, potentially as part of a falling wedge. Wedges of the sort have a tendency to break into inverse head and shoulder patterns, which could lead to a price recovery into the $13.50-14.40 range, provided BTC holds up. Otherwise, a test of the lower trend line is likely.
True Momentum Oscillator
Fibonacci Bollinger Band Cluster
Consensus Tables
The daily AVAXUSDT chart seems primed for a breakout, with lower timeframe charts beginning bullish movement. The TMO is in the oversold lower range with the momentum heating up towards the zero line. Price is hovering around the bottom-most band of the Fib. Bollinger Band cluster, past the 1st, 2nd, and 3rd deviations. Price action is testing upper bounds of a larger trendline, potentially as part of a falling wedge. Wedges of the sort have a tendency to break into inverse head and shoulder patterns, which could lead to a price recovery into the $13.50-14.40 range, provided BTC holds up. Otherwise, a test of the lower trend line is likely.
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