AXS / TetherUSLong
I have bought AXS
From the AXSUSDT chart, it shows:
Market Trend: The chart is currently in a clear downtrend along the EMA (Exponential Moving Average) line, with the 100-day EMA and 200-day EMA still above the price chart, indicating strong resistance.
Important Support: The support area around 4.145 USD has been tested several times. If the price breaks this support level, it may see a continued correction to the 3.843 USD and 3.831 USD areas, which were previously rebounded.
Stochastic RSI: It is in the oversold zone (below 20), indicating that the market may have a chance to recover in the short term due to weaker selling pressure, but other indicators should confirm it.
RSI (Relative Strength Index): The RSI value at 40.61 is still in the downtrend zone. If the RSI value increases and crosses the 50 line, it may be a sign that the price has a chance to return to the uptrend.
Trading Volume: Trading volume has decreased during the price correction, which may indicate that selling pressure is starting to weaken. Or there are fewer sellers
Entry Recommendation:
Buying at the support level of 4.145 USD should consider waiting for confirmation from Stochastic RSI that there is a reversal from the oversold zone and see if the RSI value can cut through the 50 line. If so, it may be a good time to buy.
Set the stop loss below the important support level at around 4.00 USD to hedge the risk if the price falls below the support level.
Market Trend: The chart is currently in a clear downtrend along the EMA (Exponential Moving Average) line, with the 100-day EMA and 200-day EMA still above the price chart, indicating strong resistance.
Important Support: The support area around 4.145 USD has been tested several times. If the price breaks this support level, it may see a continued correction to the 3.843 USD and 3.831 USD areas, which were previously rebounded.
Stochastic RSI: It is in the oversold zone (below 20), indicating that the market may have a chance to recover in the short term due to weaker selling pressure, but other indicators should confirm it.
RSI (Relative Strength Index): The RSI value at 40.61 is still in the downtrend zone. If the RSI value increases and crosses the 50 line, it may be a sign that the price has a chance to return to the uptrend.
Trading Volume: Trading volume has decreased during the price correction, which may indicate that selling pressure is starting to weaken. Or there are fewer sellers
Entry Recommendation:
Buying at the support level of 4.145 USD should consider waiting for confirmation from Stochastic RSI that there is a reversal from the oversold zone and see if the RSI value can cut through the 50 line. If so, it may be a good time to buy.
Set the stop loss below the important support level at around 4.00 USD to hedge the risk if the price falls below the support level.
Note
Not yet confirmed as an uptrend yet, but the percentage of being an uptrend is higher, but it will make the risk less worth it.
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