AVAX Trade Setup - Key Support Broken - $54 Next Target?

Hello Traders!

Here is my analysis for AVAX.

- AVAX like most cryptos has been very bearish.
- 2 major support levels were recently broken along with a major pattern formation. This indicates further downside continuation.
- Luckily for us there is a major support level at $54 that should be a great entry point for a long trade.

Trade Setup
- There is only 1 major support level left for AVAX before it massively dumps, this support level should be very strong though.
- The level is at $54.8
- Enter a position there and take profits at the .618 Fib level at $61.
- Keep a tight stop
- Do not get greedy on this trade. AVAX is in a precarious place. I do think it has one more bounce in it before it dumps but probably not more than that. So take profits and close the trade once you hit $61.

***This trade is time sensitive, AVAX needs to hit the $54 level in the next few days. It needs to come down fast into the level. The faster the drop the larger the bounce. If it is a slow drop it will either be a small bounce or no bounce at all.

***If there are any updates in the following days I will be sure to let you guys know!

Thanks everyone and best of luck trading.

P.S. There are lots of cryptos currently in a similar situation. If you can draw similar levels like we have with AVAX and price drops to major support, that could be a trade opportunity as well.