AVAX/USDT Chart 16/03
Updated
We found support around 27.5 (twice in the past 4 days).
Since March 10th we were pushed back multiple times (at first around 34.4, then 32.7 and again at 32 and 30.2) forming what may look like a falling triangle.
However, since yesterday there have been signals of reversal in a combination of HHs and HLs. By charting them we see something that looks like a rising channel.
What this could mean if true is that we will see a retest of the lower parallel line, a bounce back and two possible outcomes from here:
+) Bullish scenario, break out of the ascending channel AND falling triangle and retest of the area around 32.6
-) Bearish scenario, with break down from channel and retest on previous support at 27.5
As for the bearish case, it may then unfold in two different ways cause we could find support on the 27.5 once more and bounce back up (Rebound) or fail to hold it and dip even further, maybe around 23.5 (Failed).
What do you think?
Since March 10th we were pushed back multiple times (at first around 34.4, then 32.7 and again at 32 and 30.2) forming what may look like a falling triangle.
However, since yesterday there have been signals of reversal in a combination of HHs and HLs. By charting them we see something that looks like a rising channel.
What this could mean if true is that we will see a retest of the lower parallel line, a bounce back and two possible outcomes from here:
+) Bullish scenario, break out of the ascending channel AND falling triangle and retest of the area around 32.6
-) Bearish scenario, with break down from channel and retest on previous support at 27.5
As for the bearish case, it may then unfold in two different ways cause we could find support on the 27.5 once more and bounce back up (Rebound) or fail to hold it and dip even further, maybe around 23.5 (Failed).
What do you think?
Note
The Bullish scenario played out as expected, as we managed to break out at 32.6, then AVAX went back to retest the area around 31 and apparently found support there.After that, it rose up again, broke past 32.6 once more and after some fluctuations it looks like it managed to turn it into a new support.
The next target is at 34.4 and breaking past it would be a sign that AVAX may have found new strength to aim for higher highs above the 40 area.
Some interesting areas I found are at 42 and 44.4, what values are you guys watching?
Related publications
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.