AVAXUSDT trade ideas
AVAXUSDT is approaching a significant resistance areaHey Traders, in today's trading session we are monitoring AVAXUSDT for a selling opportunity around 33 zone, AVAXUSDT is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 33 support and resistance area.
Trade safe, Joe.
AVAXUSDT is BullishPrice was in a strong downtrend, however the bullish RSI divergence on hourly time frame gave some indication that bears are finally exhausting and bulls are taking charge. First higher high is printed successfully, and currently the price is defining a higher low. Entry point is as the break of freshly printed higher high. Targets are mentioned on the chart.
AVAX in a well-defined downtrendAVAX in a well-defined downtrend
AVAX confirmed a bearish trend after the price broke out from a daily Head & Shoulders pattern.
We can likely see AVAX reach 15 quite soon.
A possible retest of 30.5 or the broken neckline is possible again before the price moves down further. However we can not rule out the possibility that it can also continue moving down slowly from the market price.
Targets:
🎯 21.10
🎯 15.50
You may find more details in the chart!
Thank you and Good Luck!
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AVAX LongMarket Structure:
The price is currently in a downtrend, making lower highs and lower lows.
The chart shows a significant recent low near the $24.40 level, which is identified as "Sellside Liquidity."
Key Levels:
Imbalance (Monthly): This area, marked on the chart, suggests a zone where there was an imbalance in trading volume, likely indicating potential resistance or a target area.
Sellside Liquidity: This level at approximately $24.40 is where there may be a cluster of stop-loss orders for long positions, representing potential liquidity for the market to tap into.
Fib Retracement Levels: The chart indicates the 0.5 Fibonacci retracement level, suggesting it as a potential resistance or target area.
Potential Trade Setup:
Long Position Entry: A potential long position could be considered around the $24.40 level, targeting the upper blue shaded area (around $34.00 to $36.00) as a take profit zone.
Stop Loss: A stop loss could be placed slightly below the $24.40 level to manage risk, considering it as the last significant support area.
Take Profit: The target take profit zone is indicated by the blue shaded area, aligning with the previous resistance and Fibonacci retracement levels.
Summary:
The trade idea involves entering a long position near the identified "Sellside Liquidity" level around $24.40, with a stop loss placed below this level. The target for the trade is the blue shaded area between $34.00 and $36.00, which coincides with the Fibonacci retracement level and previous market structure highs. This setup is based on the expectation that the price will rebound from the current support level and move towards the identified target zone.
AVAX capitulationAfter a massive whale moved 2 million AVAX to coinbase the token started to sell off harshly alongside already weak sentiment. With BTC weak altcoins fell right through the floor. I did update a more reliable weekly demand zone which AVAX rapidly approaches. This is just below the long-term red fib I drew a long time ago. AVAX is one of my largest holding and I have several hundred tokens with some staked. I still think we see over 115$ this cycle, a more bullish projection is 260$ at the peak.