AVAXUSDT will show its direction soon!/Neutral Perspective

Updated

Notice---Red: rise; Green: fall in this chart.
4H trend chart
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We shift the uptrend line from last post about AVAX as the link below.
From this modified chart, rising wedge is ongoing and price still got support on Fib(0.382)
Also, these lower highs form a downtrend line in the wedge.
With this downtrend and shifted uptrend, price is converging in a symmetrical triangle.
Notice we are approaching the end of convergence, so direction will be decided in near future.(as red and green arrows)
Once direction was showed, no matter its up or down, I setup the first level to take profit.(red and green horizontal ray)
Just assure that you setup your stop loss before open a position.
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Have a nice trading day.

Note

Downtrend got break-out decidedly.
After surging to 69.58 which is close to Fib(0.618)_69.39, price faced a normal correction.
And retested the downtrend line it broke out and Fib(0.5)_66.18, both showed a short-term support for price.
Trading strategy as below.
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Profit Targets:
a) 87.21~90.21---Fib(1.272~1.382)
Stop losses:
a) 63.25
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Remember to follow the plan you setup.
Have a good profit!

Note

I modify the trend line, still in a triangle.

EthanTW

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