SoosSebastian

AVALANCHE potencial breaking out the downtrend. Short-term

Long
BINANCE:AVAXBTC   AVAX / Bitcoin
|| Avalanche is one of the latest projects listed on the Binance stock exchange. It is a relatively short graph that we can watch for less than 2 months. It is a project that works, among other things, to create a platform for applications of Decentralized Finance, financial assets, trading and others.

πŸ‘ŒπŸ»I like that the structure behaves traditionally, as after listing on the stock exchange and after the initial hypepump, there was a gradual correction, which had a natural course with retracement and maintained accelerated down-trend. In the graph I follow a large bullish AB = CD pattern, the structure of which is nice except for a few negligible wicks. It is also possible to see a multiple reflection from the PRZ, around which a consolidation structure has formed.

πŸ‘πŸ»I do not primarily focus on the setup resulting from the pattern, but rather it indicates to me the potential end of the downtrend and the possible finding of a market price. I like the breakout of the accelerated down-trend, which occurred a few hours ago. The volume is not ideal yet, but the last 4H has increased. Daily MACD + Histogram in the predominance of bulls. RSI at the bottom of the neutral zone after rebounding from the oversold zone after bullish divergences. We primarily monitor Targets after the primary downward trend. The chart offers a decent RRR .

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