$AVAX just slipped under 9 and is sitting around 8.75 after wicking 8.67 on the 4h. That's three red dailies in a row since it got rejected near 10.05, and it's now trading below anything that held last week.
What I don't love is the futures side. OI on Binance perps bled from about $97M to $89.5M over two days, so this drop is longs closing, not new shorts piling in. Funding is flat (-0.004%) and top traders are still roughly 2.3:1 long by position, so there's plenty of long exposure left to unwind.
On the NanoTrading Fire chart (4h) price is now under the value area, VAL is around 9.8 and the POC sits way up near 11.0. The heatmap is thick in the 9.2-9.8 band where we chopped all week, and there are liquidation clusters stacked around 9.5. Below 8.77 the book is thin, no real wall until the mid 8.50s.
My read: 9.0 is the line, a reclaim and hold back above it puts 9.5 in play fast with those clusters sitting there. Stay under it and $AVAX probably drifts into 8.50 looking for bids 👀
Are you catching this dip under 9 or waiting for 8.50?
NFA, just my notes.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#AVAX #Altcoins #NanoTrading
What I don't love is the futures side. OI on Binance perps bled from about $97M to $89.5M over two days, so this drop is longs closing, not new shorts piling in. Funding is flat (-0.004%) and top traders are still roughly 2.3:1 long by position, so there's plenty of long exposure left to unwind.
On the NanoTrading Fire chart (4h) price is now under the value area, VAL is around 9.8 and the POC sits way up near 11.0. The heatmap is thick in the 9.2-9.8 band where we chopped all week, and there are liquidation clusters stacked around 9.5. Below 8.77 the book is thin, no real wall until the mid 8.50s.
My read: 9.0 is the line, a reclaim and hold back above it puts 9.5 in play fast with those clusters sitting there. Stay under it and $AVAX probably drifts into 8.50 looking for bids 👀
Are you catching this dip under 9 or waiting for 8.50?
NFA, just my notes.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#AVAX #Altcoins #NanoTrading