AVAX has been in a steady downtrend since mid-May, marked by two descending trendlines. Each rally into the upper blue trendline (around $21.20) has been met with selling pressure, resulting in lower highs. The red horizontal lines at $23.03 and $25.78 show prior support turned resistance, with the $23.03 level failing to hold when AVAX pulled back in late May.
More recently, price attempted to reclaim the steeper of those blue trendlines but was rejected, confirming bearish control. On the downside, the green support line at $18.63 has acted as a pivot zone twice (late April and mid-May), and the $16.00 area served as a strong floor in early May. With momentum still favoring sellers, a short entry at the next rejection near $21.10–$21.20 offers a favorable risk/reward.
Below are the precise levels:
Trade Setup (Short AVAX/USDT)
Entry: Short around $21.10–$21.20 after a clear wick/rejection against the upper blue trendline.
Stop-Loss: $22.00, just above the failed breakout zone and beneath the $23.03 resistance.
Take Profit 1 (TP1): $18.63 (recent horizontal support).
Take Profit 2 (TP2): $16.00 (major demand zone from early May).
More recently, price attempted to reclaim the steeper of those blue trendlines but was rejected, confirming bearish control. On the downside, the green support line at $18.63 has acted as a pivot zone twice (late April and mid-May), and the $16.00 area served as a strong floor in early May. With momentum still favoring sellers, a short entry at the next rejection near $21.10–$21.20 offers a favorable risk/reward.
Below are the precise levels:
Trade Setup (Short AVAX/USDT)
Entry: Short around $21.10–$21.20 after a clear wick/rejection against the upper blue trendline.
Stop-Loss: $22.00, just above the failed breakout zone and beneath the $23.03 resistance.
Take Profit 1 (TP1): $18.63 (recent horizontal support).
Take Profit 2 (TP2): $16.00 (major demand zone from early May).
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Trade forex, indices, stocks and metals with up to US$100.000 in company's funding.
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.