Avalanche [AVAX] possible H-S formation..
Hi everyone,
Looking at the 4H timeframe, AVAX seems to found support after a strong bearish move when hitting its ATH $60 in Mid. February.
As Avax has managed to somewhat stabilize in it structure a possbile formation caught my eye. When the Head-and-sholder structural development rightly completes other important levels can be tested.
In case we manage to break and close above the "Neckline" with the right price action and volume an important reversal can take place.
Be aware that this structure still needs proper confirmation!
🌜 Please like and leave a comment 🌜
This is not financial advice
Looking at the 4H timeframe, AVAX seems to found support after a strong bearish move when hitting its ATH $60 in Mid. February.
As Avax has managed to somewhat stabilize in it structure a possbile formation caught my eye. When the Head-and-sholder structural development rightly completes other important levels can be tested.
In case we manage to break and close above the "Neckline" with the right price action and volume an important reversal can take place.
Be aware that this structure still needs proper confirmation!
🌜 Please like and leave a comment 🌜
This is not financial advice
🌜 - Break-out neckline inverted H-S structure
🌜 - Break-out confirmed by volume and price action
Happy trading