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ScottMelker
Apr 20, 2022 9:38 AM

AVAX AT RESISTANCE, READY FOR A BREAK? 

AVAX / TetherUSBinance

Description

This is AT RESISTANCE at $80.44, so for me this is not the time to consider buying.... yet.

Traders should be watching for a break of that level and ideally a retest as support, before targeting the key resistance just below $100. As you can see in the circled area, 5 candles failed to break that resistance last time price reached it, so you can expect it to potentially be a tough nut to crack.

But first $80.44...

Price is trading in a local descending channel with alternating touches up and down. This is NOT a bear flag, which would have to be ascending at the bottom of a move like this. It is also NOT a bull flag, which would be a descending channel but at the TOP of a move.

Either way, a descending channel should statistically break to the upside. We just saw something very similar on Bitcoin.
Comments
bitchris
Great you didn’t buy, sitting at 56 what’s next for avax in your opinion?
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