AXS rallied nearly 73% from its early February low and could be preparing for another leg upward.
Resistance near $10.70 might hold in the short term, perhaps from traders "selling the news" of Tuesday's guild update. Bears rejected bulls at this level after sweeping December's high.
If bears push the price lower, an area between $10.53 and $9.69 may act as support, offering an entry to bulls. After sweeping December's high, the price fell into a daily gap near the bottom of this zone and showed a strong reaction. The 9 EMA adds confluence to this level.
Bulls could wait for strong four-hour or 1-hour chart gaps from this possible support toward nearby swing highs to increase the odds of a more significant bullish move.
Until then, the proximity of support and resistance might create consolidation - perhaps creating a bullish weekly gap at the start of next week, which may provide additional support.
If this support fails, the next higher-timeframe support could exist near $9.14. Bears rejected bulls near this level on the weekly chart during the week of December 18th. It also has confluence with the 18 EMA, might soon have confluence with the 40 EMA, and is inside the existing weekly gap formed during the week of February 26th.
While Bitcoin remains bullish, the price has higher odds of eventually attacking last week's high, February 9th's high, and January 23rd's high. Bulls may take some profits between approximately $12.57, where bears rejected bulls during the week of January 16th, 2023, and $13.25, the midpoint of January 16th's weekly swing high.
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