AVAXUSD is the closest to its 1D MA200 it's been since April!

Avalanche (AVAXUSD) is about to hit its 1D MA200 (orange trend-line) for the first time since April 11 2022! Needless to say, a break-out there would be a major long-term bullish signal for the coin.

With AVAX trading within a Channel Up since the February 2021 High, we can see that the best Sell entry and (potentially now) best Buy entry have come around its +0.236 and -0.236 Fibonacci extension (extreme) levels respectively. Those extremes have both come after the 1D RSI went deep into a Bearish and Bullish Divergence respectively. On the November 21 2021 High, while AVAX was rising on Higher Highs, the RSI was falling on Lower Highs, hence a Bearish Divergence, indicating loss of strength on the trend. Similarly on the December 30 2022 Low, while AVAX was falling on Lower Lows, the RSI was rising on Higher Lows, hence a Bullish Divergence, indicating a weakening bearish trend.

In both cases, the breaking of the 1D MA200 was the confirmation of trend reversal. And since in late January 2022 after the 1D MA200 bearish break-out, AVAX bounced back on the short-term above the 1D MA50 (blue trend-line) before making the deep collapse, we expect this time also after the 1D MA200 bullish break-out to pull-back on the medium-term before starting to fill the upper Fibonacci levels of the Channel Up one by one in the new Bull Cycle.

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