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AVAXUSD breakout, could this be the start of a new move higher?

Published: 08.08.2022
by Joseph Jeffriess

Hi, welcome to Monday’s update. Today’s focus is on AVAXUSD after last weekend’s solid two days of buying that broke above resistance.

Are we seeing a new higher extension on AVAXUSD? That is the question we’re asking in today’s video update. Weekend trade has set up the first sign with a break above 25.30 resistance. What we would like to see now is for the move to continue higher and test the next resistance levels seen at 27.50, 31 and 36.

In a perfect world, we would see the price continue to push higher a bit more before we see a new pullback. We are looking for the pullback to find support at the previous breakout point and turn the previous resistance level into new support.

A new HL created around the previous level of resistance followed up by a new HH would be a good sign and could signal a buy into the new move. From that point, we want buyers to break 31 and 36 resistance to signal that a new short-medium-term trend is underway.

A new lower move closing below 25 would be a worry and could tell us that buyer momentum might not be as strong as thought.

Good trading, and enjoy the rest of your Monday.

AVAXUSD Update Video


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