✴️ Axie Infinity | Going Down Or Still Bullish? (Let Me Explain)
We have a situation with Axie Infinity and this is valid also for other altcoins, so please, allow me a few minutes to explain.
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Let's get started!
Currently, we have a strong bounce on the initial recovery after the mid-June low but here we see a rejection at EMA50 and prices also moving below the Nov. '22 support, this is worrisome.
Now, the market needs time.
The Altcoins need time.
The pairs need time.
The multiple months long low is a strong move and once such a deep hole has been created, a relief rally is expected in the least.
Prices can't grow straight up so we should expect to see some kind of fluctuation.
The bullish signal comes from Waves, Bitcoin Cash, BitcoinSV, Bitcoin, Ethereum, Aave, OMG and all those pairs that produced this same exact pattern but already moved ahead.
While these pairs are stronger, if we have patience, we can see the others resume growing in a matter of days.
"What one does, the rest follows."
In the case that things go wrong, we always have a plan and so close a position/trade if prices move below support or buy more as an accumulation strategy, your choice.
Just explaining this situation because I know things can change fast and also moods but short-term moves are only noise.
If support levels remain intact, we can wait patiently until the next leg up shows up.
Namaste.
(Make sure to like/boost, comment and follow)
Let's get started!
Currently, we have a strong bounce on the initial recovery after the mid-June low but here we see a rejection at EMA50 and prices also moving below the Nov. '22 support, this is worrisome.
Now, the market needs time.
The Altcoins need time.
The pairs need time.
The multiple months long low is a strong move and once such a deep hole has been created, a relief rally is expected in the least.
Prices can't grow straight up so we should expect to see some kind of fluctuation.
The bullish signal comes from Waves, Bitcoin Cash, BitcoinSV, Bitcoin, Ethereum, Aave, OMG and all those pairs that produced this same exact pattern but already moved ahead.
While these pairs are stronger, if we have patience, we can see the others resume growing in a matter of days.
"What one does, the rest follows."
In the case that things go wrong, we always have a plan and so close a position/trade if prices move below support or buy more as an accumulation strategy, your choice.
Just explaining this situation because I know things can change fast and also moods but short-term moves are only noise.
If support levels remain intact, we can wait patiently until the next leg up shows up.
Namaste.
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