COIN: $AVAX
TRADE: Short
TIMEFRAME: 8-Hour Chart
The AVAX/USDT 8-hour chart signals a bearish short-term outlook. Here's why:
Double Top Pattern: The formation of a double top suggests a breakdown in price, with a target near $36.51.
Momentum Indicators: The Stochastic RSI at 53.18 is neutral but leans towards further downside, while the RSI at 37.42 confirms ongoing bearish momentum.
EMA Ribbons: These have flipped as resistance, strengthening the bearish sentiment.
Volume Profile: Significant support at $36.50, where buyers could attempt to accumulate.
Despite the bearish short-term outlook, there’s potential for a long-term recovery, aligning with the broader market sentiment. Additionally, the TOTAL3 8-hour chart reveals a bearish flag pattern, signaling short-term weakness but with a bullish long-term structure, suggesting a potential breakout to $1.11T in the future.
Entry Zone: $40.25 or Market Price
1st Take Profit (TP): $31.78
2nd Take Profit (TP): $29.42
3rd Take Profit (TP): $25.66
Risk Management Tip: Enter carefully with a tight stop loss near $42 to manage risk on this short position.
Liquidation Heatmap: Short-term bearish sentiment with liquidation clusters near $42, indicating resistance. Strong buying interest at $40 shows potential accumulation.
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