AVAXBTC Rising Channel| .618 Fibonacci| POC| Volume

2021년 12월 29일Evening Traders,

Today’s analysis – AVAXBTC- trading in a rising channel where a rotation to the lows of a technical confluence location is probable,

Points to consider,
- Price Action impulsive
- .618 Fibonacci Support
- Bullish OB Confluence
- Low Volume
- RSI overextended

AVAXBTC’s immediate price action is impulsive and is trading towards a technical trade location that has confluence with the .618 Fibonacci and a Bullish OB, allowing for a long entry.

The immediate objective is the Weekly S/R, exceeding this level will lead to a trend continuation.

The current volume profile is below average, an influx is needed for a strong expansion, this will also directly influence the RSI.

Overall, in my opinion, AVAXBTC is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

Beginner’s luck often stifles growth. Losses and failure are good for you.