📈AVAX Analysis: Consolidating Between Key Levels💎
🔍Today, I'm analyzing AVAX, which is currently consolidating between the levels of $58.40 and $47.72 after an upward move. Presently, it's hovering around the support at $53.12, approximately the midpoint of the range.
⚡️Following a fakeout above $58.40, the trading volume has gradually decreased, indicating ongoing consolidation.
📉For short positions, the primary trigger lies at $47.72, although $53.12 presents a lower-risk alternative. Conversely, $58.40 serves as a suitable trigger for long positions.
💥The RSI indicator is holding support at 36.53, suggesting bearish momentum upon its breach.
🚀The Fibonacci retracement aligns the 0.618 level with the support at $47.72, with the price currently above the 0.382 level.
✅A breakdown below $53.12 could encounter resistance at the 0.382 and 0.5 Fibonacci levels, potentially hindering further downward movement.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
⚡️Following a fakeout above $58.40, the trading volume has gradually decreased, indicating ongoing consolidation.
📉For short positions, the primary trigger lies at $47.72, although $53.12 presents a lower-risk alternative. Conversely, $58.40 serves as a suitable trigger for long positions.
💥The RSI indicator is holding support at 36.53, suggesting bearish momentum upon its breach.
🚀The Fibonacci retracement aligns the 0.618 level with the support at $47.72, with the price currently above the 0.382 level.
✅A breakdown below $53.12 could encounter resistance at the 0.382 and 0.5 Fibonacci levels, potentially hindering further downward movement.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
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