AVAX looks to be making a false move up before a drop to the downside. Price is likely to top out around the 800 before coming back down. I'm in a buy up until the peak formation; then shorting; assuming that the 800 ema acts like it always does without a cross of the smaller timeframes.
I'm a novice, but open to criticism.
I'm a novice, but open to criticism.
Note
EMAPurple: 800 EMA (way above)
Yellow: 5 EMA
Red: 13 EMA
Light blue: 50 EMA (inside Bollinger band)
White: 200 EMA
The EMAs should be in ascending order of "size", stacked, and flaring out. But, the 800 will prove as resistance for now based on how it's acting now.
Trade active
Important: the particular drop levels are less important to me than the overall move. Those levels are not meant as entry/exit points by any means. This is an active trade I'm in for the short term. This is how I am expecting price to move, not precisely where it will move. This is not financial advice.Note
Invalidation for me is dependent on what the EMAs are doing. Price may even take a wild stab at the 800 EMA region, at which case it would be time to get out and reverse the sentiment. As of now, I'm eyeing the M5 for a sell. But it will depend on how price behaves.
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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.