Hello traders 🐺.
in the picture below you can see AXS price currently is in the ascending channel but what's about the short term target of this coin ?
as you can see ; price currently testing the 0.382 Fibonacci retracement level which is in alignment by the daily support structure (blue box) , but if this structure breaks there is strong possibility for testing the lower trend line of the ascending channel at 0.618 or maybe we have wick below the 0.618 down to the 0.786 ; so if you looking for buy opportunity i suggest to place your buy order between 0.618 and 0.786 , however this depend on your strategy guys , so make sure to follow your strategy rather than my strategy because this just my idea and not financial advise .
Also if you pay attention to the RSI you find out very clear bearish divergence , and this is a reason why for what I said there is possibility for testing the 0.618 level.
in the other point of view , if we look at the 4H time frame we can see small sign of trend reversal for the AXS ; because currently AXS is on the down trend in the 4H time frame so you can see 4H descending channel ; but there is possibility for breaking this channel to the upside because as you can see in the picture below AXS created W pattern over on the daily support structure and also we have bullish divergence in the RSI ; in my opinion if AXS break the channel there is possibility for testing testing the upper trend line of the daily ascending channel , but before that price must break the 4H resistance structure (yellow box) .
in the picture below you can see AXS price currently is in the ascending channel but what's about the short term target of this coin ?
as you can see ; price currently testing the 0.382 Fibonacci retracement level which is in alignment by the daily support structure (blue box) , but if this structure breaks there is strong possibility for testing the lower trend line of the ascending channel at 0.618 or maybe we have wick below the 0.618 down to the 0.786 ; so if you looking for buy opportunity i suggest to place your buy order between 0.618 and 0.786 , however this depend on your strategy guys , so make sure to follow your strategy rather than my strategy because this just my idea and not financial advise .
Also if you pay attention to the RSI you find out very clear bearish divergence , and this is a reason why for what I said there is possibility for testing the 0.618 level.
in the other point of view , if we look at the 4H time frame we can see small sign of trend reversal for the AXS ; because currently AXS is on the down trend in the 4H time frame so you can see 4H descending channel ; but there is possibility for breaking this channel to the upside because as you can see in the picture below AXS created W pattern over on the daily support structure and also we have bullish divergence in the RSI ; in my opinion if AXS break the channel there is possibility for testing testing the upper trend line of the daily ascending channel , but before that price must break the 4H resistance structure (yellow box) .