Chart shows a study of recent AVAX movements with updated channel.
It is on the way to secure the H&S pattern target, but the midline acts as a strong resist for now. Upper channel price actions will be interesting.
Although not necessary, the pattern breakouts should usually show a volume breakout as well to confirm the trade. Right now the volume seems to be lower than the left shoulder, but this condition is just to confirm the trade, its not a must.
I expect the neckline of the pattern ($73) to act as a support with the channel bottom and $95 can be reached easily, with invalidation below the neckline of course, which will make the downside target area between $52-58 for a short opportunity.
As a trading strategy, I wouldn't jump in the coin at the moment but instead, buy the support, take profit at resists.
Stay safe!
It is on the way to secure the H&S pattern target, but the midline acts as a strong resist for now. Upper channel price actions will be interesting.
Although not necessary, the pattern breakouts should usually show a volume breakout as well to confirm the trade. Right now the volume seems to be lower than the left shoulder, but this condition is just to confirm the trade, its not a must.
I expect the neckline of the pattern ($73) to act as a support with the channel bottom and $95 can be reached easily, with invalidation below the neckline of course, which will make the downside target area between $52-58 for a short opportunity.
As a trading strategy, I wouldn't jump in the coin at the moment but instead, buy the support, take profit at resists.
Stay safe!
Trade closed: target reached
🎯 H&S target reached. For the ones who are still holding a position, follow the channel mid line as support, followed by the channel bottom if that one fails.Lock on the gains and move on!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.