$AVAX
AVAX market analysis: Battle for key resistance line, breakthrough or pullback?
AVAX has been strong recently, rebounding from the 20-day moving average (30.60) on November 15, and then touching the resistance line of the rising channel on November 17. The current market is in a stalemate between long and short positions, and the price trend will soon be revealed!
Bull opportunities:
1. Technical positives:
The 20-day moving average is trending upward, indicating that the overall market is still bullish.
RSI is close to the overbought area, indicating that the bulls are strong and the possibility of breaking through the resistance line is high.
2. Key target position:
If the resistance line is broken, AVAX may rise to 42 first, and the more optimistic target is 50, and the feast of bulls may begin.
Bearish Challenge:
1. Strong resistance:
If the price fails to stand above the channel, it means that the bearish selling action is still strong, and the market may pull back to the 20-day moving average (currently around 30.60).
2. Downside risk:
Breaking below the 20-day EMA may lead to further declines and retesting the bottom support of the channel.
Short-term observation:
The 4-hour chart shows that the bears are stubbornly defending the channel resistance line. Now is a critical moment:
Upward breakthrough:
If the price rebounds from the 20-day moving average and breaks through the resistance line, it may go straight to 42, or even further challenge 50.
Downward adjustment:
If it falls below the 20-day moving average, the bears may make a comeback, and the target may first be the 50-day moving average, and further look to the 31 support.
Trading strategy suggestions:
1. Long strategy:
After breaking through the channel resistance, you can consider chasing more.
Target: 42-50.
2. Short-selling strategy:
If it falls below the 20-day moving average, short-selling can be done.
Target: 31.
The current AVAX trend is at a critical point of breakthrough or correction. Brothers, keep your mind steady and wait for the breakthrough signal before taking action. Opportunities will not be absent! 📈🚀
