AVAX : Fake Triangle Breakout !

AVAX has been forming a triangle pattern for an extended period. The price was respecting the triangle and making higher lows. Everyone was expecting a bullish breakout and continuation of the uptrend. However, the price reacted to the fall of Bitcoin and started to fall with it.

The triangle pattern:

The triangle pattern is a neutral pattern that can be either bullish or bearish. The price typically breaks out of the triangle in the direction of the previous trend.

The fakeout:

The price broke down below the lower trendline of the triangle on 1 April.

The imbalance:

There is a large imbalance of buy orders in the $44 zone. This imbalance suggests that the price is likely to bounce off this zone and continue to rise.

Bullish targets:

The first bullish target is the $60 level, which is the top of the triangle pattern. Further upside could see the price reach $70 or even higher.