AVAX price is moving within a symmetrical triangle that so far has been providing strong resistance and support levels.
At the time of writing this idea, AVAX just tested the resistance at the bottom of the triangle and still holds, despite the negative price action still going on for BTC and the general market trend.
It’s still unclear if this support will hold, so we wait for confirmation. Breaking the triangle means a renewed downtrend with a support at 16$ that has proven to be quite strong recently. If it confirms the rebound, we shall expect it to go back to the top of the triangle. I don’t believe it will breakout just yet, maybe one more cycle like this, but that’s a story for when we are back at the top of the triangle.
At the time of writing this idea, AVAX just tested the resistance at the bottom of the triangle and still holds, despite the negative price action still going on for BTC and the general market trend.
It’s still unclear if this support will hold, so we wait for confirmation. Breaking the triangle means a renewed downtrend with a support at 16$ that has proven to be quite strong recently. If it confirms the rebound, we shall expect it to go back to the top of the triangle. I don’t believe it will breakout just yet, maybe one more cycle like this, but that’s a story for when we are back at the top of the triangle.