Axie Infinity (AXS) to $3.90Most of tradingview.com is long with Axie Infinity ideas. Being the contrarian, I’m here to tell you a long position is probably a mistake. Why?
So simple.. support and resistance. The two red arrows show confirmed resistance at 12 to 13 dollars that followed with a break of market structure.
The only way forward now is for price action is to confirm past resistance as support. Those levels are 70% and 90% corrections below.
A study of the AXS-BTC pair (below) continues to print price action under active resistance. The trend is down. You may remember something that was said about legacy alt tokens not performing in this bull cycle?
As an example of the token-btc pair study, you may remember the ‘Auction to $40 from $4’ idea? (below). What might not have been obvious at the time was the study on the Auction-btc pair. A clear break of resistance.
If you’ve made it this far, an idea on the Gas Neo token was recently published. You've read above. Why did I publish Gas token?
Ww
Auction.btc September 2023
Auction to $40
Weekly auction-bitcoin pair