AVAXBTC trade ideas
Looking to Buy Back Into AltcoinsThe market is definitely at a point where profits are being taken from altcoins that had
significant runs. This is a time to look to buy back in on some good looking fib levels.
Ethereum is currently performing very well, and Bitcoin is very likely to follow suit.
This will further drive down the prices of such altcoins vs. BTC.
We are still within a bull market, so we should be looking for entries that have good
risk to reward ratios.
On AVAX, I believe that the 0.786 of this Fib retracement is a good point. It
coincides with a historically significant price level, and we can expect some type of
bounce from that level. The 0.618 is also a point where we are likely to see a bounce.
Putting in a buy order at the 0.786 is safer, but you can also trade off of the 0.618
and take some profits out of that position immediately if there is a bounce to the 0.50.
AVALANCHE potencial breaking out the downtrend. Short-term|| Avalanche is one of the latest projects listed on the Binance stock exchange. It is a relatively short graph that we can watch for less than 2 months. It is a project that works, among other things, to create a platform for applications of Decentralized Finance, financial assets, trading and others.
👌🏻I like that the structure behaves traditionally, as after listing on the stock exchange and after the initial hypepump, there was a gradual correction, which had a natural course with retracement and maintained accelerated down-trend. In the graph I follow a large bullish AB = CD pattern, the structure of which is nice except for a few negligible wicks. It is also possible to see a multiple reflection from the PRZ, around which a consolidation structure has formed.
👍🏻I do not primarily focus on the setup resulting from the pattern, but rather it indicates to me the potential end of the downtrend and the possible finding of a market price. I like the breakout of the accelerated down-trend, which occurred a few hours ago. The volume is not ideal yet, but the last 4H has increased. Daily MACD + Histogram in the predominance of bulls. RSI at the bottom of the neutral zone after rebounding from the oversold zone after bullish divergences. We primarily monitor Targets after the primary downward trend. The chart offers a decent RRR.
AVAX/BTC (Support Breakdown, Target Swing Low?)💎Technical Analysis Summary💎
BINANCE: AVAXBTC
-AVAX broke to the downside after breaking below its key support
-The price fell down by -7% from the previous support area
-This is bearish in terms of price action
-Since there is no strong support during its small rally
-The next key potential area is around 31000s sat
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AVAX/BTC (Testing Key Resistance Area)💎Technical Analysis Summary💎
BINANCE: AVAXBTC
-AVAX found support at 30k sat area
-The price bounced up by 17% increased
-Currently, it is testing key resistance zone
-If unable to break higher, it will likely to retest previous support
-Might be a potential Sell area for scalpers
-Must zoom in on lower time frames to look for a sell signal
-And plan your trade accordingly
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AVAX/BTC (Wait for Breakout Direction)💎Technical Analysis Summary💎
BINANCE: AVAXBTC
-AVAX is trading at a crucial area of support
-If the Bulls wants to keep the trade alive
-The 40k sat area must hold & break the resistance line
-For me, I'll wait for the market to decide
-Rather than guessing the price direction
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