AVA is printing what appears to be a small 3 wave correction right above a support area and 50 EMA.
The correction is descending, which adds more bullish confluence.
It recently experienced a nice bullish engulf/ 'V' shaped recovery/ Wyckoff Spring that rhymed very nicely with the SOL chart.
This could retrace further down to the 1:1 ratio band, but the support it's currently printing above has proven to be valid in the past, so there is a chance it does not make it there.
When the continuation to the upside continues, the trend lines above may act as significant resistance.
If things get wild to the upside soon (which I believe they will) I have the 500 EMA activated to provide additional resistance.
Good Luck!
-Not Financial Advice-
The correction is descending, which adds more bullish confluence.
It recently experienced a nice bullish engulf/ 'V' shaped recovery/ Wyckoff Spring that rhymed very nicely with the SOL chart.
This could retrace further down to the 1:1 ratio band, but the support it's currently printing above has proven to be valid in the past, so there is a chance it does not make it there.
When the continuation to the upside continues, the trend lines above may act as significant resistance.
If things get wild to the upside soon (which I believe they will) I have the 500 EMA activated to provide additional resistance.
Good Luck!
-Not Financial Advice-
Note
AVA has shown some bearish wicks at the micro supply/resistance line. And USDT.D is making a move to the upside. So this suggests there may deeper retracement here. The lower demand line/1.272 is the next stop. Note
AVA may be cooked here for the time being. The doji candle at significant resistance could be the clue. It brought in a whopping 3.5X from its bottom at the 1.618. So this suggests this will be a very strong coin the next run up.
If USDT.D regains momentum to the upside, the lower GW support structure could be the next stop for retracement here; and I'm favoring the 0.786 overshoot, as there is high liquidity in that area.
So this meme has become one of my favorites this cycle, and it has proven its strength and its ability to recover from deep value areas. It responds to significant ratio bands as well as support and resistance structures very nicely.
It's VERY unlikey that we will see lower lows for this asset, so when it bottoms out at the upcoming higher low, this would be the LPS event (smart money). And when smart money gets involved, the pumps are euphoric.
-Not Financial Advice-
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.