๐AVAX Analysis: Consolidating Between Key Levels๐
๐Today, 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.
โก๏ธFollowing a fakeout above $58.40, the trading volume has gradually decreased, indicating ongoing consolidation.
๐For 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.
๐ฅThe RSI indicator is holding support at 36.53, suggesting bearish momentum upon its breach.
๐The Fibonacci retracement aligns the 0.618 level with the support at $47.72, with the price currently above the 0.382 level.
โ A breakdown below $53.12 could encounter resistance at the 0.382 and 0.5 Fibonacci levels, potentially hindering further downward movement.
๐ง ๐ผIt'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
โก๏ธFollowing a fakeout above $58.40, the trading volume has gradually decreased, indicating ongoing consolidation.
๐For 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.
๐ฅThe RSI indicator is holding support at 36.53, suggesting bearish momentum upon its breach.
๐The Fibonacci retracement aligns the 0.618 level with the support at $47.72, with the price currently above the 0.382 level.
โ A breakdown below $53.12 could encounter resistance at the 0.382 and 0.5 Fibonacci levels, potentially hindering further downward movement.
๐ง ๐ผIt'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
