Avax vs BTC analysis with very positive diagnosis
The Avax coin is showing several bullish signs and could provide a great buying opportunity in the coming days.
I usually avoid buying when continuation patterns break out, however, in this case, the asset is forming an ascending triangle just below the resistance line. This type of accumulation serves as a great support point for protecting a possible stop. Combining this with a double bottom formation in a macro view and the presence of a very powerful resistance that could serve as support later, I believe that buying this asset when the triangle breaks out or after a pullback to the resistance would be a great opportunity for profit.
Reasons to be Bullish:
1 - Double bottom formation.
2 - Key resistance/support level for protecting a stop
3 - Formation of an ascending triangle for protecting a future stop.
4 - Good risk/reward ratio for a swing trade.
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I usually avoid buying when continuation patterns break out, however, in this case, the asset is forming an ascending triangle just below the resistance line. This type of accumulation serves as a great support point for protecting a possible stop. Combining this with a double bottom formation in a macro view and the presence of a very powerful resistance that could serve as support later, I believe that buying this asset when the triangle breaks out or after a pullback to the resistance would be a great opportunity for profit.
Reasons to be Bullish:
1 - Double bottom formation.
2 - Key resistance/support level for protecting a stop
3 - Formation of an ascending triangle for protecting a future stop.
4 - Good risk/reward ratio for a swing trade.
To receive more analyses like these, follow me on tradingview.
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