AVAXUSDT is testing the neckline!
AVAXUSDT indicates that the market is testing the 0.382 Fibonacci level on M's Neckline after a clear breakout, which is a significant resistance level for the market. If the price manages to hold above this level, it could be a bullish signal for AVAXUSDT.
However, it is important to keep in mind that the market has a strong demand zone at the $12 area, which is a potential area for buyers to enter the market. If the price loses the $15 level and retests it as new resistance, it could indicate a bearish reversal in the market.
According to Plancton's strategy, a popular technical analysis strategy, if the price loses the $15 level and retests it as new resistance, it could be an opportunity to set a nice order. This means that traders could consider selling AVAXUSDT if the price breaks below the $15 level and shows signs of continuing downward momentum.
It is important to consider the different timeframes when analyzing the market. The purple structure represents the monthly structure, the red structure represents the weekly structure, the blue structure represents the daily structure, the yellow structure represents the 4-hour structure, and the black structure represents the 1-hour structure.
–––––
Follow the Shrimp 🦐
Keep in mind.
However, it is important to keep in mind that the market has a strong demand zone at the $12 area, which is a potential area for buyers to enter the market. If the price loses the $15 level and retests it as new resistance, it could indicate a bearish reversal in the market.
According to Plancton's strategy, a popular technical analysis strategy, if the price loses the $15 level and retests it as new resistance, it could be an opportunity to set a nice order. This means that traders could consider selling AVAXUSDT if the price breaks below the $15 level and shows signs of continuing downward momentum.
It is important to consider the different timeframes when analyzing the market. The purple structure represents the monthly structure, the red structure represents the weekly structure, the blue structure represents the daily structure, the yellow structure represents the 4-hour structure, and the black structure represents the 1-hour structure.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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.