Hello everyone,
I studied the 4H Avalanche (AVAX) chart and noticed a nice Fibonacci ABC pattern in the price movement.
It would be much nicer if it would return from 0.50 or 0.618, but I guess the price that once bounced from 0.382 in this pattern will bounce again.
I showed the first Fibonacci levels by writing so that the texts would not be intertwined.
As seen in the second fibonacci plot, I noticed a very nice point (117.36) where the diagonal support intersects the fibonacci 0.382 level.
Although I guess this will be a good buying point, I think it can also be a good breaking point (for short position).
In summary,
117.36 entry price or buy for long position, short position and spot,
for those who want a slightly more secure entry;
126.97 entry price or buy for long position and spot,
110.36 entry price for a short position.
You can examine the horizontal support and resistance lines (yellow ones) on the chart for take-profit and stop-loss levels.
Farewell.
I studied the 4H Avalanche (AVAX) chart and noticed a nice Fibonacci ABC pattern in the price movement.
It would be much nicer if it would return from 0.50 or 0.618, but I guess the price that once bounced from 0.382 in this pattern will bounce again.
I showed the first Fibonacci levels by writing so that the texts would not be intertwined.
As seen in the second fibonacci plot, I noticed a very nice point (117.36) where the diagonal support intersects the fibonacci 0.382 level.
Although I guess this will be a good buying point, I think it can also be a good breaking point (for short position).
In summary,
117.36 entry price or buy for long position, short position and spot,
for those who want a slightly more secure entry;
126.97 entry price or buy for long position and spot,
110.36 entry price for a short position.
You can examine the horizontal support and resistance lines (yellow ones) on the chart for take-profit and stop-loss levels.
Farewell.
Trade closed manually:
It broke the diagonal support and looks like HEAD and SHOULDERS pattern forming.
It may seem that the situations I mentioned earlier still continue. But I think my analysis is no longer valid. That's why I'm closing the position.
It may seem that the situations I mentioned earlier still continue. But I think my analysis is no longer valid. That's why I'm closing the position.