$AXS/USDT 12h (Binance Futures) Rising wedge near resistance
Updated
Axie Infinity is hyped as hell and went parabolic leading the Non Fungible Token (NFT) market.
But it seems to be forming a bearish pattern approaching its end, that could send it to a 20EMA retest!
But this is not necessarily topped yet and a last leg-up is likely to short squeeze first, better wait for entries.
Current Price= 26.510
Sell Entry = 29.552 - 31.888
Take Profit= 22.833 | 18.580 | 13.316
Stop Loss= 37.054
Risk/Reward= 1:1.25 | 1:1.92 | 1:2.75
Expected Profit= +25.67% | +39.52% | +56.65%
Possible Loss= -20.52%
Fib. Retracement= 0.236 | 0.382 | 0.618
Margin Leverage= 1x
Estimated Gain-time= 2 weeks
But it seems to be forming a bearish pattern approaching its end, that could send it to a 20EMA retest!
But this is not necessarily topped yet and a last leg-up is likely to short squeeze first, better wait for entries.
Current Price= 26.510
Sell Entry = 29.552 - 31.888
Take Profit= 22.833 | 18.580 | 13.316
Stop Loss= 37.054
Risk/Reward= 1:1.25 | 1:1.92 | 1:2.75
Expected Profit= +25.67% | +39.52% | +56.65%
Possible Loss= -20.52%
Fib. Retracement= 0.236 | 0.382 | 0.618
Margin Leverage= 1x
Estimated Gain-time= 2 weeks
Note
Went down -21.75% (1x) since calledAxie Infinity broke-down, regrettably entry zone was never hit but congratulations if you entered manually anyway.
Ascending TL and 20EMA are still intact so a bounce back to retest the wedge is likely, maybe even a new ATH before stronger correction!
Note
TP2 would have been reached with up to +48.26% (1x)Speaking of NFTs, Axie Infinity retraced down quite hard with no pull-back almost hitting last target.
Too bad we were not in with the bot but well done if you took it manually!
Trade active
All entries filledAxie Infinity regained 20EMA and finally went up to the supply zone we were waiting for.
Interesting rejection on ascending Trend-Line so far, let's wait and see how that ends!
Trade closed: stop reached
SL hit with -20.62% (1x) and -1RAxie Infinity had other plans and was strong enough to break that resistance.
Too bad but no big loss since we managed the risk accordingly!
If you are still holding short, it could revisit the entry zone but we recommend to partially close here.
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