AVAXUSD Ready for a bullish break-out

Avalanche (AVAXUSD) has been trading within a Channel Down pattern for the past 6 months and is testing today the 1D MA50 (blue trend-line). The same kind of test after a 1D RSI Bullish Divergence was performed in AVAX's previous Channel Down on January 09 2023. Observe the perfect symmetry on the RSI levels of the two dates. When the price closed above the 1D MA50, it initiated a massive rise on the next candle that easily broke through the 1D MA100 (green trend-line), hit the 1D MA200 (orange trend-line) and peaked a little above the 0.618 Fibonacci retracement level.

As a result, we will buy the break-out and initially target the 1D MA100 at 11.000. If it breaks above the 1D MA200, we will buy that 2nd break-out and target the 0.616 Fib at 15.500.

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