AVAXUSDT - Distribution Finishing, Further Retracement Ahead?
Not financial advice.
We're looking at a trend reversal, back to the down side. Price Action is consolodating in the current Red Box area.
We're on the look out for where the next local low will be put in - but for now we're hanging over no man's land.
Retracement down to white support levels will be healthy and constructive. Some confluence with fib retracement levels and slower EMAs. Probably see a test down before continuing.
Especially while the rest of the market is uncertain, plenty of profits still to be taken.
Looking for at least a few wicks down to $100 - likely to spend some time below before continuing.
If the market is looking okay, this will be a good buy opportunity.
Buying in the green box area.
Invalidation if we break below the lowest thick white support line significantly - daily candle closure.
Then we may be looking at longer term downtrend - but we'll reevaluate at that time.
Fundamentally - AVAX is one of the strongest projects in the space and has a bright future, probably deserves to be higher on the rankings.
Long term bullish - short term looking for downside.
Happy trading.
We're looking at a trend reversal, back to the down side. Price Action is consolodating in the current Red Box area.
We're on the look out for where the next local low will be put in - but for now we're hanging over no man's land.
Retracement down to white support levels will be healthy and constructive. Some confluence with fib retracement levels and slower EMAs. Probably see a test down before continuing.
Especially while the rest of the market is uncertain, plenty of profits still to be taken.
Looking for at least a few wicks down to $100 - likely to spend some time below before continuing.
If the market is looking okay, this will be a good buy opportunity.
Buying in the green box area.
Invalidation if we break below the lowest thick white support line significantly - daily candle closure.
Then we may be looking at longer term downtrend - but we'll reevaluate at that time.
Fundamentally - AVAX is one of the strongest projects in the space and has a bright future, probably deserves to be higher on the rankings.
Long term bullish - short term looking for downside.
Happy trading.