AVAX - Still correcting
Updated
AVAX is currently one of my favorite new chains to use. Now that we can pretty much do all of our trades and transactions exclusively on C-Chain, it basically just makes it a much faster and cheaper version of ethereum.
Avalanche Rush has kicked off and Curve and Aave should be active now on Avalanche. Lots of rewards will be on the way to incentivize users on various platforms.
All that is definitely fundamentally strong news, but the chart looks like all of that may have already been priced in and in the short term, it looks like AVAX will continue to correct, at least vs BTC.
Price is currently on the 0.382 of the last wave up and is not showing any reversal strength just yet. If price doesn't hold here, the 0.5 fib looks like a good place for AVAX to bottom and then continue the longer term upward trend.
Avalanche Rush has kicked off and Curve and Aave should be active now on Avalanche. Lots of rewards will be on the way to incentivize users on various platforms.
All that is definitely fundamentally strong news, but the chart looks like all of that may have already been priced in and in the short term, it looks like AVAX will continue to correct, at least vs BTC.
Price is currently on the 0.382 of the last wave up and is not showing any reversal strength just yet. If price doesn't hold here, the 0.5 fib looks like a good place for AVAX to bottom and then continue the longer term upward trend.
Note
And of course right after i post, AVAX shows some strength.Clearing 0.0015 would help confirm things for me
Note
So price hit that 0.0015 for a moment and you can see the rest:Trade closed manually
I think AVAX has now bottomed and we should be looking for continued uptrend.Note of caution is that it looks like a clean 5 wave move down, which would suggest we get an ABC up before another 5 wave down. Not saying this is my projection now, but worth watching:
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