Hello Traders!
Here is my analysis for AVAX.
- AVAX like most cryptos has been very bearish.
- 2 major support levels were recently broken along with a major pattern formation. This indicates further downside continuation.
- Luckily for us there is a major support level at $54 that should be a great entry point for a long trade.
Trade Setup
- There is only 1 major support level left for AVAX before it massively dumps, this support level should be very strong though.
- The level is at $54.8
- Enter a position there and take profits at the .618 Fib level at $61.
- Keep a tight stop
- Do not get greedy on this trade. AVAX is in a precarious place. I do think it has one more bounce in it before it dumps but probably not more than that. So take profits and close the trade once you hit $61.
***This trade is time sensitive, AVAX needs to hit the $54 level in the next few days. It needs to come down fast into the level. The faster the drop the larger the bounce. If it is a slow drop it will either be a small bounce or no bounce at all.
***If there are any updates in the following days I will be sure to let you guys know!
Thanks everyone and best of luck trading.
P.S. There are lots of cryptos currently in a similar situation. If you can draw similar levels like we have with AVAX and price drops to major support, that could be a trade opportunity as well.
Here is my analysis for AVAX.
- AVAX like most cryptos has been very bearish.
- 2 major support levels were recently broken along with a major pattern formation. This indicates further downside continuation.
- Luckily for us there is a major support level at $54 that should be a great entry point for a long trade.
Trade Setup
- There is only 1 major support level left for AVAX before it massively dumps, this support level should be very strong though.
- The level is at $54.8
- Enter a position there and take profits at the .618 Fib level at $61.
- Keep a tight stop
- Do not get greedy on this trade. AVAX is in a precarious place. I do think it has one more bounce in it before it dumps but probably not more than that. So take profits and close the trade once you hit $61.
***This trade is time sensitive, AVAX needs to hit the $54 level in the next few days. It needs to come down fast into the level. The faster the drop the larger the bounce. If it is a slow drop it will either be a small bounce or no bounce at all.
***If there are any updates in the following days I will be sure to let you guys know!
Thanks everyone and best of luck trading.
P.S. There are lots of cryptos currently in a similar situation. If you can draw similar levels like we have with AVAX and price drops to major support, that could be a trade opportunity as well.
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.
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.