Ascending Reversal Pattern

9 Mar

On the weekly timeframe the support area marked by the blue box plays a key role in supporting the price and initiating a growth phase. After the price approached this support area, we witnessed a positive market reaction and the start of an upward trend. During this uptrend, the price reached the orange-colored resistance box, which had been previously identified as a major obstacle to price growth. However, the market managed to break through this resistance level and move beyond it.
The formation of bearish candles on the chart, indicating a correction and pullback to the broken level, is considered a natural part of the upward trend cycles. This pullback serves not only as a correction phase but also as a setup for the formation of an ascending reversal pattern.
With the completion of the pullback and the emergence of signs of an ascending reversal pattern, it is anticipated that the AVAX price in this timeframe will experience significant growth. The price is expected to move towards the next resistance area, previously set as the next target

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