AVAX/USDT Perfect Break from the resistance. Need retesting!!

13 Nov 2023

💎 AVAX has unquestionably attracted significant market attention. It executed a flawless breakout from the resistance area, characterized by substantial volume and a robust green bullish candle. However, on the daily timeframe, AVAX is yet to undergo the retesting phase at the support level, which previously served as the resistance area. There's a probability scenario where AVAX engages in a retesting phase at the support before resuming its upward trajectory toward the formidable supply area, representing our target zone.

💎 Yet, there's a possibility that AVAX might skip the support retesting phase at $15.70 and directly ascend to the potent supply area, encountering a formidable bearish rejection that triggers a downward movement towards the support level.

💎 In the event that AVAX eventually reaches the support level and undergoes a breakdown, there remains a chance for a reversal. A successful bounce from the demand area at $12.30 could pave the way for AVAX to reclaim the support level at $15.70.

💎 The unfavorable scenario unfolds if, during the retesting at the demand, AVAX struggles to sustain its position and breaches the demand area. In such a scenario, AVAX would revert to a bearish movement, potentially retracing to the key demand area.