AVAX has been in a descending wedge for a while, and recently just broke out on the upside. Ensure that the breakout isn't a false one by finding support on the Fibonacci line before confirming the breakout. If the bullish movement goes all the way back to the all time high, we can expect returns of around 90%. Feel free to take profits at around $45 as well for a safer ~45% profit.
Note that this will be a fairly long term hold due to strong sell pressure in the order book from around $40 onwards, with low buying pressure. There are also no noteworthy events coming up for AVAX, although multiple projects are being built on the chain, which could boost its price.
For a shorter term hold, consider taking profits at around $36 - $41, which is around a 25-30% profit.
Buy: $31
Take profit: $45 - $60
Stop loss: $27 (check ATR)
Note: This is merely my opinion and not financial advice. Remember to do your own research.
Note that this will be a fairly long term hold due to strong sell pressure in the order book from around $40 onwards, with low buying pressure. There are also no noteworthy events coming up for AVAX, although multiple projects are being built on the chain, which could boost its price.
For a shorter term hold, consider taking profits at around $36 - $41, which is around a 25-30% profit.
Buy: $31
Take profit: $45 - $60
Stop loss: $27 (check ATR)
Note: This is merely my opinion and not financial advice. Remember to do your own research.
Nota
Breakout now retesting support at around $31.5, we need to see a few bounces off the support level to confirm breakout.Nota
False breakout. AVAX still remains in the descending wedge. Waiting for next breakout.Nota
AVAX has broken out of the descending wedge again. Waiting for it to find support in order to confirm breakout.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.