Today I choose to short AVAX.
It went up quite a bit today, but over these next few hours tonight, the price feels a bit unable to hold. Based on Binance spot data, at 23:55 Beijing time on September 29, AVAX is at 11.206 USDT, already down about 6.7% from the intraday high.
What I’m shorting is the three already-closed hourly candles from 20:00, 21:00, and 22:00: the closing price keeps decreasing, and the high price each hour is also trending lower. As the price drops, the subsequent rebounds don’t manage to reclaim the prior highs. I believe this pullback will continue.
It’s not so cold that nobody’s trading it. In the past 24 hours, trading volume was about 105 million USDT, nearly twice the average daily volume of the previous seven complete trading days. For a popular coin like this, it’s easy for people to focus only on how much it rose today and ignore that it has already started moving downward over the last few hours.
Of course, AVAX is still up about 8.2% over the past 24 hours, and shorting is against a coin that just outperformed strongly—so any rebound could be sharp. What I’m looking at is the next stretch of this pullback; for now, there isn’t enough basis to label it as a full-blown selloff. #avax
It went up quite a bit today, but over these next few hours tonight, the price feels a bit unable to hold. Based on Binance spot data, at 23:55 Beijing time on September 29, AVAX is at 11.206 USDT, already down about 6.7% from the intraday high.
What I’m shorting is the three already-closed hourly candles from 20:00, 21:00, and 22:00: the closing price keeps decreasing, and the high price each hour is also trending lower. As the price drops, the subsequent rebounds don’t manage to reclaim the prior highs. I believe this pullback will continue.
It’s not so cold that nobody’s trading it. In the past 24 hours, trading volume was about 105 million USDT, nearly twice the average daily volume of the previous seven complete trading days. For a popular coin like this, it’s easy for people to focus only on how much it rose today and ignore that it has already started moving downward over the last few hours.
Of course, AVAX is still up about 8.2% over the past 24 hours, and shorting is against a coin that just outperformed strongly—so any rebound could be sharp. What I’m looking at is the next stretch of this pullback; for now, there isn’t enough basis to label it as a full-blown selloff. #avax