$AVNT /USDT TECHNICAL ANALYSIS: BEARS ARE IN CONTROL, BUT BOUNCE IS POSSIBLE! ๐
Based on the provided chart,
$AVNT /USDT is showing strong bearish momentum after a significant pump. The price has been rejected from the high of $1.2360 and has formed a series of red candles, indicating a downtrend. The highlighted area shows a clear breakdown of a previously established support level.
๐ Key Levels & Current Price:
* Current Price: $1.1262
* Resistance: The immediate resistance is around the $1.1542 level. A stronger resistance lies at the recent high of $1.2360.
* Support: The primary support level is at the current price area of around $1.1252. If this level breaks, the next significant support is much lower, which could lead to a steeper decline.
๐ Trade Setup (Short):
Since the price is in a strong downtrend, a short position could be considered if the current support breaks.
* Entry: Short entry below $1.1250, only after a confirmed breakdown of the support level.
* TP1 (Target Profit 1): $1.0550
* TP2 (Target Profit 2): $1.0000 (Psychological level)
* SL (Stop Loss): Place the stop loss above the recent resistance at $1.1550 to manage risk effectively.
๐ก๏ธ Risk Management:
Always use proper risk management. Use a small percentage of your capital for each trade and set a tight stop loss to protect against unexpected market reversals. Do not over-leverage. This analysis is for informational purposes only and is not financial advice.
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