AVAX crypto forming a bullish Double Bottom pattern at key support
The post AVAX crypto forming a bullish Double Bottom pattern at key support appeared on BitcoinEthereumNews.com. Avalanche is showing early signs of a bullish reversal after establishing a potential double bottom formation at a critical support zone. If confirmed, this pattern could trigger a move toward $41.80. Avalanche (AVAX) is currently trading within a high time frame support region that has historically served as a major pivot zone. Recent price action suggests the development of a double bottom structure — a bullish reversal pattern that may shift the prevailing bearish trend into a more optimistic trajectory. With additional confluence from the point of control and Fibonacci levels, the setup signals a possible change in market direction. Key technical points Double Bottom at Key Support: Pattern forming at a high time frame demand zone. POC Confluence: Support aligns with volume profile point of control. Upside Target: $41.80 — near the 0.618 Fibonacci and value area high. AVAXUSDT (1D) Chart, Source: TradingView The double bottom pattern is beginning to take shape as AVAX holds above a well-established support region. This area also coincides with the point of control from the visible range volume profile, reinforcing its significance. A double bottom in this context represents a shift from prolonged selling pressure to potential accumulation. The bullish reversal will be validated only once the local high, the neckline of the pattern, is taken out. Doing so would not only activate the double bottom but also mark the first higher high, effectively transitioning AVAX into a bullish market structure on higher time frames. A confirmed breakout would open the door for a rally toward the value area high, which coincides with the 0.618 Fibonacci retracement level. This places the next technical target at approximately $41.80. The price reaction at this resistance zone will be critical in determining whether AVAX continues into a longer-term uptrend. Current volume remains subdued, which is typical…
The post AVAX crypto forming a bullish Double Bottom pattern at key support appeared on BitcoinEthereumNews.com.
Avalanche is showing early signs of a bullish reversal after establishing a potential double bottom formation at a critical support zone. If confirmed, this pattern could trigger a move toward $41.80. Avalanche (AVAX) is currently trading within a high time frame support region that has historically served as a major pivot zone. Recent price action suggests the development of a double bottom structure — a bullish reversal pattern that may shift the prevailing bearish trend into a more optimistic trajectory. With additional confluence from the point of control and Fibonacci levels, the setup signals a possible change in market direction. Key technical points Double Bottom at Key Support: Pattern forming at a high time frame demand zone. POC Confluence: Support aligns with volume profile point of control. Upside Target: $41.80 — near the 0.618 Fibonacci and value area high. AVAXUSDT (1D) Chart, Source: TradingView The double bottom pattern is beginning to take shape as AVAX holds above a well-established support region. This area also coincides with the point of control from the visible range volume profile, reinforcing its significance. A double bottom in this context represents a shift from prolonged selling pressure to potential accumulation. The bullish reversal will be validated only once the local high, the neckline of the pattern, is taken out. Doing so would not only activate the double bottom but also mark the first higher high, effectively transitioning AVAX into a bullish market structure on higher time frames. A confirmed breakout would open the door for a rally toward the value area high, which coincides with the 0.618 Fibonacci retracement level. This places the next technical target at approximately $41.80. The price reaction at this resistance zone will be critical in determining whether AVAX continues into a longer-term uptrend. Current volume remains subdued, which is typical…
What's Your Reaction?
