$AVAX/USDT 4h (#BinanceFutures) Rising wedge breakdown & retest
Updated
Avalanche lost 100EMA support and is pulling back to it, probably before retracing down again.
Current Price= 79.44
Sell Entry= 79.54 - 82.21
Take Profit= 71.56 | 66.50 | 59.72
Stop Loss= 88.07
Risk/Reward= 1:1.29 | 1:2 | 1:2.94
Expected Profit= +23.02% | +35.54% | +52.30%
Possible Loss= -17.80%
Fib. Retracement= 0.618 | 0.883 | 1.272
Margin Leverage= 2x
Estimated Gain-time= 2 weeks
Tags: #AVAX #AVAXUSDT #AvaxNetwork #AvaLabs #PoS #SC #DApp #DeFi #BSC #Gaming WAVAX
Websites: avax.network avalabs.org
Contracts:
#Mainnet
#BEP20 0x1ce0c2827e2ef14d5c4f29a091d735a204794041
#AVAXC 0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7
Current Price= 79.44
Sell Entry= 79.54 - 82.21
Take Profit= 71.56 | 66.50 | 59.72
Stop Loss= 88.07
Risk/Reward= 1:1.29 | 1:2 | 1:2.94
Expected Profit= +23.02% | +35.54% | +52.30%
Possible Loss= -17.80%
Fib. Retracement= 0.618 | 0.883 | 1.272
Margin Leverage= 2x
Estimated Gain-time= 2 weeks
Tags: #AVAX #AVAXUSDT #AvaxNetwork #AvaLabs #PoS #SC #DApp #DeFi #BSC #Gaming WAVAX
Websites: avax.network avalabs.org
Contracts:
#Mainnet
#BEP20 0x1ce0c2827e2ef14d5c4f29a091d735a204794041
#AVAXC 0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7
Trade active
All entries filledAvalanche is retesting the wedge resistance as planned so far, let's see if it gets rejected.
Trade closed: target reached
TP1 was reached with +23.02% (2x) and +1.29RAvalanche got rejected and went down according to the plan, quite an accuracy!
Now bouncing back but lower targets remain valid, SL adjusted to highest entry (82.21$)
Trade closed: target reached
TP2 reached with +35.54% (2x) and +2RAvalanche went back up retesting supply zone then resumed the retracement down.
Last target is in play, SL edited to lowest entry (79.54) to secure that trade anyway.
This shows quite well how predictable market can be, as long as you've got the right bias of course!
Trade closed manually
Remaining position closed with +3.28% (2x) and +0.18RAvalanche bounced back and regained both 100EMA & 200MA, we are out for now!
If you used short targets to buy then don't forget to TP here since RSI is entering overbought territory.
Related publications
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.