AVAXUSD trade ideas
AVAX 100 % gains comingWe expect that the price will get rejected at the strong resistance ($21,600 - $22).
You can short it (stop loss recommended) or be patient and wait for a price to drop into our buy zone ($10-$11). From there we expect a pump towards strong resistance again which would be over 100 % gain.
Mid-term the market remains bearish overall .
Avalanche/US DollarThese are levels that I'll be keeping an eye on when dealing with AVAXUSD, and I'll revise as price action progresses.
I adapt to the change in money flow.
Fundamentals:
Amazon Web Services (AWS) has partnered with Ava Labs in a bid to accelerate the adoption of blockchain technology by enterprises, institutions, and governments.
The move has sent the linked Avalanche AVAXUSD token soaring higher in recent days, outperforming even Bitcoin amid a major bull run in the biggest cryptocurrency.
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Seeing that price hit a significant low, potential profit margin resting above current price along with a bearish impulsive followed by a descending channel. I would wait for a break of the $20 & $30 price points and retracement for bullish precursors. We shall see...
AVAXUSD (4H) - Bearish reversalHi Traders
AVAXUSD (4H Timeframe)
Waiting for the downward break of 19.42 support level which will complete a bearish trend reversal pattern to go SHORT. Only the upward break of 21.02 would cancel the bearish scenario.
Trade details
Entry: 19.42
Stop loss: 21.02
Take profit 1: 18.53
Take profit 2: 16.96
Score: 4
Strategy: Bearish reversal
Bull Case Scenario for AVAXAVAX is poised for significant price appreciation in the near future, making it a smart investment opportunity for those looking to tap into the growth potential of the blockchain industry. The platform's unique features, such as its scalable and secure architecture, its ability to handle high volumes of transactions, and its flexible and decentralized governance model, set it apart from other blockchain platforms and position it for growth.
Additionally, the growing demand for decentralized finance (DeFi) applications and the increasing popularity of non-fungible tokens (NFTs) are driving interest in the blockchain sector, and AVAX is well-positioned to capture this demand. With a highly engaged and growing community, and a strong commitment to developing cutting-edge technology, AVAX is poised for continued growth and price appreciation in the years to come.
AVAXUSD (4H) - Bullish breakoutHi Traders
AVAXUSD (4H Timeframe)
The market is in an uptrend and we are waiting for an entry signal to go LONG above the 21.82 resistance level. Only the downward break of 19.70 would cancel the bullish scenario.
Trade details
Entry: 21.82
Stop loss: 19.70
Take profit 1: 23.11
Take profit 2: 25.20
Score: 8
Strategy: Bullish breakout