As you have noticed crypto market/altcoin market has gained a significant rise in price levels. Several alts have bounced +50-100% off the bottom. Some of them still have a decent room to grow. Avalanche (AVAX) is one of them imho.
Taking into consideration:
- legacy market conditions, FRS policy (inflation + rates)
- overall state/cycle of crypto market on W1,
we are pretty far from real bull cycle. Better call it local bull market (q1 2023 - maybe q2 2023) and a major correction to 1-year bear market of 2022. Anyway who cares if we see an opportunity to make and take (!!) some profit from it?
FA:
Firstly we need to focus only on alpha ideas/top alts/decent L-1 infra projects.
AVAX, as a L-1 infra with over 1mln wallets suits this.
TA:
- after great sell off in May 22, there was a selling pressure absorption in the middle of June, 22 (see volume in orange circle). Low on D1 was printed just below $14.
- this level was broken on November, but without further continuation
- on Jan, 11 wide-spread green candle on big volume broke up the key level of $14 and got the price back in the range. That's when we need to look for "confirmation"
- confirmation: DMA 200 was broken. Lower TF DMAs/EMAs are looking to cross DMA200
- since then the volume was building up (almost 3 weeks until now)
Entry: 50% on current price level, 50% - 17.5-18 (200DMA retest). RSI indicates we have pretty high probability of correction to 18-19 level.
Stop: DMA 200 is invalidated on D1 as a support. PoC is also sitting there...
TP1: 37 (take a look at 30 also, maybe close 20-25% to reduce risk)
TP2: 53
These are resistance levels on W1.
Don't forget we are still in higher TF bear market. So, it's very important to babysit your positions and trade them accordingly.
Better safe than sorry.
p.s. I think the overall crypto trend will go pretty quickly to catch traders and then prices will print new lows in q2-q3 2023
p.p.s. you can find your own desirable alt based on FA (like alpha, kava, ctsi..) which have similar setups and trade them.
Maybe it's a good idea to spread an amount across 2-3 diff alts. Just an opinion.
But don't go full risk on all 3-4 alts or whatever number of proper setups would be found: altcoin correlation is almost 100%
Taking into consideration:
- legacy market conditions, FRS policy (inflation + rates)
- overall state/cycle of crypto market on W1,
we are pretty far from real bull cycle. Better call it local bull market (q1 2023 - maybe q2 2023) and a major correction to 1-year bear market of 2022. Anyway who cares if we see an opportunity to make and take (!!) some profit from it?
FA:
Firstly we need to focus only on alpha ideas/top alts/decent L-1 infra projects.
AVAX, as a L-1 infra with over 1mln wallets suits this.
TA:
- after great sell off in May 22, there was a selling pressure absorption in the middle of June, 22 (see volume in orange circle). Low on D1 was printed just below $14.
- this level was broken on November, but without further continuation
- on Jan, 11 wide-spread green candle on big volume broke up the key level of $14 and got the price back in the range. That's when we need to look for "confirmation"
- confirmation: DMA 200 was broken. Lower TF DMAs/EMAs are looking to cross DMA200
- since then the volume was building up (almost 3 weeks until now)
Entry: 50% on current price level, 50% - 17.5-18 (200DMA retest). RSI indicates we have pretty high probability of correction to 18-19 level.
Stop: DMA 200 is invalidated on D1 as a support. PoC is also sitting there...
TP1: 37 (take a look at 30 also, maybe close 20-25% to reduce risk)
TP2: 53
These are resistance levels on W1.
Don't forget we are still in higher TF bear market. So, it's very important to babysit your positions and trade them accordingly.
Better safe than sorry.
p.s. I think the overall crypto trend will go pretty quickly to catch traders and then prices will print new lows in q2-q3 2023
p.p.s. you can find your own desirable alt based on FA (like alpha, kava, ctsi..) which have similar setups and trade them.
Maybe it's a good idea to spread an amount across 2-3 diff alts. Just an opinion.
But don't go full risk on all 3-4 alts or whatever number of proper setups would be found: altcoin correlation is almost 100%
Comment:
same thing: GRT/USDT
Comment:
Well played, GRT/USDT
shame that I haven't published this idea...
shame that I haven't published this idea...
Trade active:
made an entry on DMA200 retest @17.9
Trade active:
crv/usdt - first mover:)
Probably other alts will join its prica action
Probably other alts will join its prica action
Trade closed: stop reached:
Decided to close this position.
Reasoning:
1/ stop reached
2/ AVAX has been consolidating for 5 days under 200MA and PoC
3/ DMA200 tested and rejected
Reasoning:
1/ stop reached
2/ AVAX has been consolidating for 5 days under 200MA and PoC
3/ DMA200 tested and rejected
