Hi Traders!
AVAX is probably one of the undervalued L1 blockchains out there. Now that AVAX-BTC is coming out of a Wyckoff accumulation, we can prepare a trade on the USDT pair with higher confidence.
What I see is this:
+ A Tenkan/Kijun crossover and a kumo breakout on the Ichimoku
+ Demand spikes in the volume, a typical volume signature of accumulation
+ A triangle consolidation range below resistance since May, slightly downward facing which gives it a bullish character (you could also identify it as a cup & handle)
Depending on BTC action this week we may see one final breakdown before a run up. In the worst case the order block at 24.7 can possibly give us a bounce during which we should attempt to set SL to breakeven immediately and trade it as a "liquidity grab" below the EQL line.
If BTC remains stable we can just look for a regular triangle breakout with volume confirmation and buy the re-test, which gives us a better entry instead of longing right below the resistance.
Happy trading!
AVAX is probably one of the undervalued L1 blockchains out there. Now that AVAX-BTC is coming out of a Wyckoff accumulation, we can prepare a trade on the USDT pair with higher confidence.
What I see is this:
+ A Tenkan/Kijun crossover and a kumo breakout on the Ichimoku
+ Demand spikes in the volume, a typical volume signature of accumulation
+ A triangle consolidation range below resistance since May, slightly downward facing which gives it a bullish character (you could also identify it as a cup & handle)
Depending on BTC action this week we may see one final breakdown before a run up. In the worst case the order block at 24.7 can possibly give us a bounce during which we should attempt to set SL to breakeven immediately and trade it as a "liquidity grab" below the EQL line.
If BTC remains stable we can just look for a regular triangle breakout with volume confirmation and buy the re-test, which gives us a better entry instead of longing right below the resistance.
Happy trading!