Bullish structure
Hi traders,
AVAX is on its support level. For last few days, It has had bullish market structure even though BTC has made unstable moves.
The price got rejected by MA-200 in 4-hour frame. And It made new higher high, which indicates a new uptrend.
After vertical line, there is a increase in volume. It is also another hint of new trend.
Finally, there is a range as you might see from the chart. Based on the Volume Profile, there is a huge volume concentrated in that range. And the price broke out this range with huge green volume columns.
All of those makes me believe that this might be the beginning of new uptrend.
Apart from those technical hints, Avax may get hyped because of the NFT trend in the market. AVAX is one of the similar projects to ETH and SOL. Hence, we have observed the trend of those coins. They were highly bullish.
In conclusion, I am gonna take two positions. One for spot, and one for swing tradng. Stop Loss level is indicated for swing trading.
I am gonna HODL it for spot until the uptrend is broken. For swing trading, I will probably sell around 59.
Stay safe traders.
AVAX is on its support level. For last few days, It has had bullish market structure even though BTC has made unstable moves.
The price got rejected by MA-200 in 4-hour frame. And It made new higher high, which indicates a new uptrend.
After vertical line, there is a increase in volume. It is also another hint of new trend.
Finally, there is a range as you might see from the chart. Based on the Volume Profile, there is a huge volume concentrated in that range. And the price broke out this range with huge green volume columns.
All of those makes me believe that this might be the beginning of new uptrend.
Apart from those technical hints, Avax may get hyped because of the NFT trend in the market. AVAX is one of the similar projects to ETH and SOL. Hence, we have observed the trend of those coins. They were highly bullish.
In conclusion, I am gonna take two positions. One for spot, and one for swing tradng. Stop Loss level is indicated for swing trading.
I am gonna HODL it for spot until the uptrend is broken. For swing trading, I will probably sell around 59.
Stay safe traders.
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