Weekly: long term analysis
AXS was one of the top gainers of the last altcoin bull run. After more than 95% deep correction during the bear market, AXS is building a reversal Head&Shoulder on a weekly support zone around the 4$ price.
Daily: short term analysis
The inverted H&S pattern is attempting a breakout upward.
If this breakout is confirmed, prices can start a strong upward move based on previous price action of AXS. The latest higher low contracted the price’s volatility and is offering us a good risk/reward setup.
Strategy
Buy signal will be given from a weekly close above the resistance line (neckline of the inverted H&S) around the 10$ mark.
Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
AXS was one of the top gainers of the last altcoin bull run. After more than 95% deep correction during the bear market, AXS is building a reversal Head&Shoulder on a weekly support zone around the 4$ price.
Daily: short term analysis
The inverted H&S pattern is attempting a breakout upward.
If this breakout is confirmed, prices can start a strong upward move based on previous price action of AXS. The latest higher low contracted the price’s volatility and is offering us a good risk/reward setup.
Strategy
Buy signal will be given from a weekly close above the resistance line (neckline of the inverted H&S) around the 10$ mark.
- Objective 1: Next resistance line (before the H&S swing move target) at 20$ ( +100%)
- Objective 2: Next resistance around the 45$ zone (+350%)
- Objective 3: Weekly ATH around 154$ (+1400%)
Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Trade active:
Weekly close above the resistance line, trade is now active following the above strategy.