AVAX / TetherUSLong
Avalanche: bullish outlook
The market remains in the uptrend on the Daily timeframe. Another resistance with the borders of $24.38 – $25.76 was broken on August 6. Now we see the beginning of the correction wave after the bullish impulse formation, but the trend is still bullish on the Daily price chart.
A pullback buying opportunity will appear after the correction completion on the Daily timeframe. The high of the yesterday’s candle may be an intermediate target when the upward movement continues.
If the upward movement develops, the next target will be around the resistance formed on May 13 – 18. This is the price range of $36.54 – $38.38.
Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 1 – 4. The borders of this support are $21.96 – $22.69.
A pullback buying opportunity will appear after the correction completion on the Daily timeframe. The high of the yesterday’s candle may be an intermediate target when the upward movement continues.
If the upward movement develops, the next target will be around the resistance formed on May 13 – 18. This is the price range of $36.54 – $38.38.
Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 1 – 4. The borders of this support are $21.96 – $22.69.
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