AVAXLong
Making Sense of AVAX Price through Elliott Wave Analysis
Avalanche (AVAX) has been one of the top-performing cryptocurrencies in the past 24 hours, with the price standing above the considerable psychological number of $100. Throughout this analysis, we'll show you how to apply the Elliott Wave theory to identify where we are in the overall bullish cycle.
AVAX Elliott Wave Analysis
Long-term Elliott Wave analysis suggests that AVAX price is in a bullish cycle from the September 22, 2020 low. Up from there, wave I ended with the $63.30 swing high with an internal subdivision as a 5-wave structure. Then, the price resumed lower in wave II towards the $9.25 low.
The rally in wave III ended at the current all-time high of $151.22. We're currently resuming lower in wave IV, which has a high chance of being completed at the $72.0 swing low.
Usually, there is an alternation between wave II and wave IV in Elliott Wave analysis. If wave II is an extended consolidation, then wave IV is a sharp correction, which is the case for the AVAX's price. Short-term, as far as AVAX's price remains above the $72 low, we can expect another rally in wave V to complete the five Elliot Wave sequences.
We can already see the return of the bullish momentum on the RSI oscillator as the RSI already broke above the mid-level 50.
AVAX Elliott Wave Analysis
Long-term Elliott Wave analysis suggests that AVAX price is in a bullish cycle from the September 22, 2020 low. Up from there, wave I ended with the $63.30 swing high with an internal subdivision as a 5-wave structure. Then, the price resumed lower in wave II towards the $9.25 low.
The rally in wave III ended at the current all-time high of $151.22. We're currently resuming lower in wave IV, which has a high chance of being completed at the $72.0 swing low.
Usually, there is an alternation between wave II and wave IV in Elliott Wave analysis. If wave II is an extended consolidation, then wave IV is a sharp correction, which is the case for the AVAX's price. Short-term, as far as AVAX's price remains above the $72 low, we can expect another rally in wave V to complete the five Elliot Wave sequences.
We can already see the return of the bullish momentum on the RSI oscillator as the RSI already broke above the mid-level 50.
The best cryptocurrency automated trading platform.
-Cryptohopper-
cryptohopper.com/
-Cryptohopper-
cryptohopper.com/
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.