RLinda ! AVAXUSDT-> Symmetrical triangle. What next?

3 Nov 2022

AVAXUSDT, as well as the entire cryptocurrency market is behaving quite confidently. Let me remind you, that yesterday important news regarding rate hikes, further policy regarding US inflation and so on came out...

(Chart 1: Price potential. Formation of a double bottom at the base of support)

The coin gained the support of MA-50 (daily), but there are three resistance zones, which are necessary for the price to pass to the strong growth phase.

• 1) Middle strength resistance, formed since the beginning of May
  
• 2) Resistance from the MA-200 level.
  
• 3) Strong trend resistance from the end of November 2021.
  

On the main chart we see the formation of the price channel, which demonstrates the bulls' dominance at the moment.

We also see the formation of a symmetric triangle, which plays the role of a trend continuation pattern, so it will be logical to expect a breakdown of the triangle resistance and an up-trend price movement

• The short-term target in our case is the resistance area at 20.00
  
• Medium-term target - liquidity zone 21.91
  

Regards R. Linda!

5 Nov 2022

Catatan

AVAXUSDT reaches the specified target and is currently in the resistance zone. The trade can be exited. The price went in our direction almost +10%.

The trend is ascending and it is necessary to wait for the buy entry set-up, but it is very risky to do in the resistance area.

We are waiting for updates and interesting setups from the price!)