$AVAX $AVAX 1D Overview
- AVAXUSDT has shown a decent relief rally in a bearish overall structure, so I expect price to test the 6.822 resistance soon. If that level is broken with confirmation, first target would be 7.417, and if momentum stays strong, 8.369 is the next key level.
- If price gets rejected at 6.822 and loses 6.27 support, expect a move back down toward 5.954 and potentially the most recent swing low at 5.681.
- My bias remains cautiously bullish in the very short-term as long as 6.27 holds, but this is a countertrend move within a broader bearish cycle. If price breaks below 6.27 with volume, expect a return to bearish continuation.
- Long setup: Entry above 6.822 after a confirmed breakout and retest, with targets at 7.417 and 8.369. Place the stop-loss at a swing low, such as below 6.27 or the most recent structure low. Wait for confirmation such as a strong bullish candle close or reversal confirmation on lower timeframes.
- Short setup: If price spikes above 7.417 or 8.369 and immediately rejects with a strong bearish pattern, consider shorting targeting 6.822 and 6.27. Stop-loss should be placed above the swing high of the rejection.
- If the price closes above 8.369 and holds, this would shift my bias to more bullish continuation.
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