Lingrid | AVAXUSDT key Support Signals Potential Reversal

Aug 28

The price perfectly fulfilled my previous idea. It hit the target level. As you've observed, AVAXUSDT has reached the resistance level and subsequently pulled back with bearish momentum. The price is now approaching the channel border, which has served as support multiple times in the past. This sets the stage for a potential reversal. The presence of the round number 23.00 below adds another layer of significance to this support area. The 50% Fibonacci retracement level is also an important factor to consider, as it can often act as a endpoint for corrections in a prevailing trend. Given these conditions, I anticipate potential rejection patterns at this support zone, such as a long-tailed bar or an engulfing candle. These price action signals would indicate a strong buyer interest at this level and could reinforce a bullish outlook if confirmed. My target is resistance around 26.55


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻