Avax | Accumulation
Updated
Shown are key levels for AVAX.
Currently, there is a long term trend line supporting price, which is being tested and rejected; confirmation of this rejection will be after the daily close.
Looking at the price action YTD, we can conclude that we are seeing an ascending triangle pattern with equal highs and higher lows. A general accumulation pattern which usually breaks upwards.
Red arrows show the areas of value to make the best R:R trades.
Diagram @ the bottom left shows how this pattern usually completes.
There is a possibility to have another accumulation leg or a complete breakdown of this pattern.
Ideally, the current price is the last "comfortable" long trade IMO. SL would be under the daily lows.
NFA.
Currently, there is a long term trend line supporting price, which is being tested and rejected; confirmation of this rejection will be after the daily close.
Looking at the price action YTD, we can conclude that we are seeing an ascending triangle pattern with equal highs and higher lows. A general accumulation pattern which usually breaks upwards.
Red arrows show the areas of value to make the best R:R trades.
Diagram @ the bottom left shows how this pattern usually completes.
There is a possibility to have another accumulation leg or a complete breakdown of this pattern.
Ideally, the current price is the last "comfortable" long trade IMO. SL would be under the daily lows.
NFA.
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