ScottMelker

AVAX AT RESISTANCE, READY FOR A BREAK?

BINANCE:AVAXUSDT   AVAX / TetherUS
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 .

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