๐ Daily TA: Avalanche (AVAX/USD) | 17-10-2021
Hodl, dear members of LeoFinance!
Today, I would like to comment on the price chart of Avalanche.
In the weekly chart (1W), AVAX/USD formed a Bearish Engulfing (common trend reversal pattern) two weeks ago: As can be seen from the chart, after the Bearish Engulfing the price chart is forming a Doji - a signal that the market is taking a break from the bearish pressure and is starting to consolidate.
However, if we have a look at the 4-hour chart (4H) of AVAX/USD we can see that the bears are still controlling the market - the price is moving down within a Descending channel: In my view, only if AVAX/USD exits the descending channel in the upward direction we can conclude that the bearish pressure is over.
To be continued ...
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Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
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