Technical analysis by Kizaru187 about Symbol AXS on 5/17/2024

Based on the provided chart for AXS/USDT on a 1-day timeframe from Binance, here's a detailed trading plan: ### Entry Point - **Entry Zone**: Between 6.420 and 7.190 USDT - This range represents a significant support zone where the price is likely to find buying interest. ### Target (Take Profit) Levels - **First Target (TP1)**: 8.913 USDT - This level is the nearest target where the price is likely to encounter resistance. - **Second Target (TP2)**: 9.890 USDT - This level aligns with previous resistance and is a reasonable next target. - **Third Target (TP3)**: 10.709 USDT - This level is a higher resistance zone and aligns with previous price action. - **Fourth Target (TP4)**: 12.619 USDT - This level is a higher resistance level and a long-term target. ### Stop Loss - **Stop Loss**: 5.736 USDT - This stop loss level is set below the support zone to protect against a deeper downside move. ### Key Levels and Observations - **Resistance Levels**: - 8.913 USDT - 9.890 USDT - 10.709 USDT - 12.619 USDT - **Support Levels**: - 7.190 USDT (upper entry zone) - 6.420 USDT (lower entry zone) ### Technical Indicators - **Volume Profile**: Shows high trading activity around the entry zone, suggesting strong interest and potential support. - **ABCD Pattern**: Indicates the potential price move based on the harmonic pattern, suggesting possible retracement levels and target zones. ### Trade Plan Summary 1. **Enter** the trade within the 6.420 to 7.190 USDT range. 2. **Set Stop Loss** at 5.736 USDT to manage risk. 3. **Target Levels**: - **First Target (TP1)** at 8.913 USDT. - **Second Target (TP2)** at 9.890 USDT. - **Third Target (TP3)** at 10.709 USDT. - **Fourth Target (TP4)** at 12.619 USDT. Always remember to manage your risk appropriately and adjust your trade parameters based on market conditions.still valid