Hello friends, today I bring you an analysis of a cryptocurrency, in this case it is AXS against the USDT pair, first of all I remind you that this post is not an investment advice, I am not a financial advisor, therefore if YOU invest money is YOUR responsibility, without further ado, let's get started.
AXS/USDT 4H:
This currency has been listed in Kucoin since July 16, it is just over a month old, the project itself is very good, it is a game which I have not had the opportunity to play due to technical issues, but I hope to enter soon to this world of Axie Infinity.
As you can see, the price was making a range between $64.39 and $73.18, which made me think that it could continue its upward course after having been ranging for a while, as you can see in the following image, from July 24 to August 10 the price remained in range and then continued with the upward movement, in this case the same pattern is repeating, the question was to know where to place my entry, if before breaking the consolidation zone (which is not recommended) or after doing so (which is recommended).
Because of how the price has been moving I thought it could break upwards, on August 17 it made a false break since then it re-entered the consolidation zone, seeing the price with the Squeeze Momentum monitor, it gave a signal of possible entry At approximately $72, I decided to place my entry at $73.75 (Yellow Dotted Line), my SL placed it a little below the consolidation zone at $63.70 (13% more or less).
Calculating that it reaches $80 again (which it already did) and remains at that price, my SL would go up to ensure profits, a target as such I do not have. Looking at the RSI there is a bearish divergence in formation, and that the price has not yet made a correction as such, I will see how much profit I can get from this trade.
Note: Images obtained directly from TradingView.
Well friends, that's all for now, I will be making another post with the advances or closings of the trades that I will be doing, if you liked the post, give it a like and follow me, if you have any constructive criticism let me know in the comments. Until next time.