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Avax Target - Good short entryAVAX analysis - Elliott Wave Perspective After an impulsive uptrend, Avax seems to be losing momentum and consolidating. Now that it has reached its highest points, it may be time for a wave of downward movement. According to the Elliott Wave perspective, AVAX is currently in the final wave of an impulse wave. This means that we will soon see a correction, but there will still be one last upward move. I am personally taking a short position between $28.00 and $28.50 for the following reasons: - 1 to 1 extension of wave 1 - 1.618 extension (expanded flat) - Bearish divergence (RSI) - Correlation Main count BTCUSD (Related ideas) It is important to note that the Elliott Wave perspective is based on historical price movements and patterns, and future price action can never be predicted with absolute certainty. Markets can be volatile and unpredictable, so it is always wise to trade cautiously and manage your risks. Remember, financial markets are inherently volatile, and investing is always a personal choice. It is crucial to conduct thorough research, carefully assess your risk tolerance, and form your own judgment before making any trading decisions.
Short
by BeCryptosignals
4
AVAXUSDT.1DBased on the provided market data, AVAX (Avalanche) is currently trading at $17.95 against USDT. The Relative Strength Index (RSI) for the 4-hour, 1-day, and 7-day charts are 78.40, 93.36, and 65.58, respectively. The Moving Average Convergence Divergence (MACD) for the same periods are 1.32, 1.40, and -0.83. RSI values above 70 typically indicate that the asset may be overbought, suggesting a potential price correction could occur in the near future. The high RSI values on the 4-hour and 1-day charts suggest that AVAX is currently overbought and could be due for a correction. The MACD values for the 4-hour and 1-day charts are positive, indicating bullish momentum. However, the negative MACD for the 7-day chart suggests a bearish trend in the longer term. The Bollinger Bands (Bb) for the 4-hour, 1-day, and 7-day charts are 19.15, 17.62, and 18.0. The current price is above the Bb for the 1-day chart, which along with the high RSI, could indicate overbuying and a potential price correction. In terms of support and resistance levels, AVAX has support at $15.20, $12.46, and $11.10 for the 4-hour chart, and resistance at $19.15, $22.34, and $23.00. For the 1-day chart, the support levels are $12.46, $8.81, and $8.37, with resistance at $22.36, $24.13, and $30.90. The 7-day chart shows support at $11.76, $10.50, and $7.60, and resistance at $23.00, $30.00, and $35.80. Based on the above analysis, while there is short-term bullish momentum, the high RSI values suggest a correction might be imminent. The long-term trend, as indicated by the 7-day MACD, is bearish. Therefore, traders should proceed with caution and consider setting stop losses to protect against potential price drops. Please note that this analysis is based on the current market data and does not take into account unforeseen future market events. Always do your own research and consider your financial situation before making investment decisions.
by MarsSignals
AVAX Under ☁️ Skies: Is it Time to Sell? Bullish sun ☀️ shines over most of the global crypto market, indicating a continued upward trend in the coming 24 hours. Cloudier ☁️ bearish trading conditions linger over Ripple’s XRP, Avalanche, and Binance Coin, signaling a downward trend, ATTMO shows. Over a one-week horizon, the bullish sun ☀️ will continue to dominate the crypto universe, though Litecoin and XRP may face cloudier 🌥️ conditions and a downward trend. Follow us for more crypto weather reports!
CRYPTOCAP:AVAX
by ATTMO
AVAX - Rain Ahead 🌧️; 24-Hour Bearish Trend Cloudy and rainy trading conditions 🌧️ loom for the global crypto market in the next 24 hours, forecasting a bearish market with downside risk. Avalanche and Polkadot encounter extremely bearish conditions, hinting at an impending rebound. Over a one-week horizon, the ☁️ cloudy trading conditions persist. However, Bitcoin, Cardano, and Chainlink glimpse a bit of bullish ☀️, suggesting a potential slight rebound. Follow us for more crypto weather reports!
by ATTMO