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MBCryptocurrency
Nov 6, 2021 5:12 AM

AVAX Analysis (Patterns, price action and indicators) Long

AVAX / TetherUSBinance

Description

Disclaimer

This technical analysis by no means, is a financial advice, Please do you own research.

The is a minor support in range of $70.51- $73.31 that if it breaks, we should monitor the middle of the trend line( I did not considered the ATH candle in my trend line as it was an emotional candle with high volume). Using Volume profile, it shows market has interest to trade $60-$70 which increase the chance of uptrend after a possible correction. Point of control has a correlation with our basis Donchain line.

If price drops from the parallel channel, it is likely that major support arear around $61 change the direction of the price.

As long as price does not fall below $50.96, trend is upward, unless it will form a double top pattern which is a bearish pattern (Less Likely to happen)

RSI+ and LMACD are showing a little bit of weakness as AVAX had a new ATH. With all these major demand and strong fundamental, it is mostly expected to be bullish and AVAX sees a new ATH.

Please share you thoughts on my analysis.

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Next Major Resistance areas:
$100
$110
$125
More