AVAX looks to be making a false move up before a drop to the downside. Price is likely to top out around the 800 before coming back down. I'm in a buy up until the peak formation; then shorting; assuming that the 800 ema acts like it always does without a cross of the smaller timeframes.
I'm a novice, but open to criticism.
I'm a novice, but open to criticism.
Trade active:
Important: the particular drop levels are less important to me than the overall move. Those levels are not meant as entry/exit points by any means. This is an active trade I'm in for the short term. This is how I am expecting price to move, not precisely where it will move. This is not financial advice.
Comment:
Invalidation for me is dependent on what the EMAs are doing. Price may even take a wild stab at the 800 EMA region, at which case it would be time to get out and reverse the sentiment. As of now, I'm eyeing the M5 for a sell. But it will depend on how price behaves.
Purple: 800 EMA (way above)
Yellow: 5 EMA
Red: 13 EMA
Light blue: 50 EMA (inside Bollinger band)
White: 200 EMA
The EMAs should be in ascending order of "size", stacked, and flaring out. But, the 800 will prove as resistance for now based on how it's acting now.