AVAX has been in a descending wedge for a while, and recently just broke out on the upside. Ensure that the breakout isn't a false one by finding support on the Fibonacci line before confirming the breakout. If the bullish movement goes all the way back to the all time high, we can expect returns of around 90%. Feel free to take profits at around $45 as well for a safer ~45% profit.
Note that this will be a fairly long term hold due to strong sell pressure in the order book from around $40 onwards, with low buying pressure. There are also no noteworthy events coming up for AVAX, although multiple projects are being built on the chain, which could boost its price.
For a shorter term hold, consider taking profits at around $36 - $41, which is around a 25-30% profit.
Buy: $31
Take profit: $45 - $60
Stop loss: $27 (check ATR)
Note: This is merely my opinion and not financial advice. Remember to do your own research.
Note that this will be a fairly long term hold due to strong sell pressure in the order book from around $40 onwards, with low buying pressure. There are also no noteworthy events coming up for AVAX, although multiple projects are being built on the chain, which could boost its price.
For a shorter term hold, consider taking profits at around $36 - $41, which is around a 25-30% profit.
Buy: $31
Take profit: $45 - $60
Stop loss: $27 (check ATR)
Note: This is merely my opinion and not financial advice. Remember to do your own research.
Note
Breakout now retesting support at around $31.5, we need to see a few bounces off the support level to confirm breakout.Note
False breakout. AVAX still remains in the descending wedge. Waiting for next breakout.Note
AVAX has broken out of the descending wedge again. Waiting for it to find support in order to confirm breakout.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.