AVAXUSDT.P appears to have bottomed out on both 4hr and 8hr chart with multiple wicks dipping into a strong support zone in the 14-15USD range, which is also coincides with the 6hr support zone seems to conclude a Elliot Wave pattern towards downside.Schaff Trend Cycle switched to bullish with bearish volume dropping, potential long opportunity if the support holds and volume turns positive on shorts profit booking and bulls taking over.
Note
Bullish volume on both 4hr and 8 hr chart, and support holding.
Bearish on Stochastic, price at Elliot wave (a) and bearish divergence on MFI/VWMACD at lower timeframe 1hr chart. Will wait for next upswing on 1 hr to take long position with eye on volume/MACD and stop loss under the latest 4hr swing low/support zone for better priced entry.
Note
Price is back at support and seems to be at the 1hr/4hr/Daily swing low, but also noticed that the 4hr volume went bearish. Still bullish if 4hr volume turns green without break of support or further downside, planning for long entry with stop loss in 14.19-14.49 range in that caseTrade active
Entered long on the fat green candle
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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.