🚨 EXCITING UPDATE! 🚨
📉 Coin Name: #AVAX✅
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Based on analysis of the AVAX (Avalanche) cryptocurrency's 1-hour timeframe, an ascending channel pattern has been identified. This pattern is characterized by a series of higher highs and higher lows, indicating an upward trend in the price movement. The breakout of the resistance line within this ascending channel suggests a bullish sentiment for AVAX.
Given this analysis, a trading strategy could be devised as follows:
Entry Point: Set entry at $54.64.
First Take Profit (TP): Place the first take profit target at $55.00.
Second Take Profit (TP): Set the second take profit target at $55.50.
Third Take Profit (TP): Place the third take profit target at $56.70.
Stop Loss (SL): Set the stop loss order at $53.20 to mitigate potential losses.
This trading plan aligns with the bullish outlook derived from the breakout of the resistance line within the ascending channel. It aims to capitalize on the anticipated upward movement in the AVAX price while also incorporating risk management measures through the placement of stop loss orders.
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