AVAX Long Trade SetupCurrent Situation:
Price Level: AVAX is trading around the 0.618 Fibonacci retracement level, a critical support area.
Bullish Bias: Holding above $29 is crucial to maintain a bullish outlook. Losing this level would suggest a return to bearish conditions.
Trade Strategy:
Entry Criteria:
Deviation and Reclaim: Wait for the price to deviate below the support and then reclaim it by breaking the trend.
Change of Character: Alternatively, wait for the price to form higher highs and enter on the subsequent higher low.
Entry Point: Enter a long position between $31 to $33.
Take Profit Targets:
Primary Target: $42
Secondary Target: $50
Stop Loss: Set a stop loss at a daily close below $29 to manage risk.
Summary:
For AVAX, maintaining the 0.618 Fibonacci retracement level is essential for a bullish outlook. Enter a long position between $31 to $33 if the price reclaims support or shows a change in character. Set take profit targets at $42 and $50, and place a stop loss at a daily close below $29 to limit potential losses.
