AVAX: Thoughts and Analysis, potential low discussion.
Today's focus: AVAX
Pattern – 50% Fibbo, HL low analysis.
Support – 29.22
Resistance – 33
Hi, and thanks for checking out today's update.
Today, we are taking a look at AVAX (Avalanche) on the daily chart. Looking at price with a Fibonacci retracement tool on the chart, we can see that price lines up at the 50% point. This point also lines up with a previous high. We discuss the significance of the 50% Fib point and when price lines up with previous highs in today's update.
We have also run over what we are looking for to start calling a confirmed low and continuation. Signs are building, but buyers still have some work to do.
Good trading.
AVAXUSD trade ideas
AVAX on Breakout Watch to $50This pattern has been accumulating on AVAX we got a slight break then back into the triangle, we are at the end of the pattern where it will either breakout retest and go towards $50 or breakout and get rejected and stay sideways. My money is on the first option as we are in a change of markets.
AVAX JUST A LOOKING FOR SOMETHING :)Hi guys :) its been a while :)
Here we see an analogy in the Avax harmonic table that we have not looked at for a long time. it may be very simple data for someone. But since i think 2024 will be the year of "Real World Assets", i think the chart will work positively. it is not recommended to invest based on this study. Do your own technical and fundamental analysis without getting caught up in the manipulations on social media.
Have nice year :)
AVAX: Set Up for a bounce Amidst BTC ETF WeekThis week may be remembered as the BTC ETF week. Regardless of the outcome, we don't want to miss the opportunity to place another swing trade in AVAX. As mentioned here and the highlited area should provide at least a bounce to the 37.40s. Our trade plan is to take a partial profit at that area, create a risk-free position, and let the market play its path. Our minimum upside target is 72 area. Risk 2%.
Limit @ 31.60
SL @ 23.00
TP1 @ 37.40
TP2 @ 72.00
In trend-bear (AVAX)📊Analysis by AhmadArz:
Next break renge
🔍Entry: 33.416
🛑Stop Loss: 34.504
🎯Take Profit: 32.346
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AVAX Buy the dipsAVAX developed a 5 wave impulsive rally from the October '23 lows.
Wave 3 extended to the 161.8% Fibonacci extension of wave 1-2,
Wave 4 retracing into the 23.6-38.2% Fibonacci retracement of wave 3,
Wave 5 extending into the 123.6-161.8% inverse Fibonacci extension of wave 4.
We are now in a correction and may revisit two important overlapping areas:
1) the 100-161.8% Fibonacci extension of the 3 waves down from the peak at 50's, and
2) the 50-60% retracement from the October lows.
Buying the dips in these areas offers a potential swing trading opportunity.
We will buy at 31.60 with SL at 23.
The highited areas should offer at least a bounce where we will create a risk free position.
Minimum target for the upside is 70-100 area.
Trailing Stops on AVAX and the Donchian ChannelHere is what a 7.4% Trailing Stop would look like on these AVAX runs. Seems pretty satisfactory, but I guess that is for you to decide!
Why 7.4? Well, the profit takes would be a bitttt better than 7.5 it seems. Play around with it for yourself and see!
This indicator is straight-forward and useful. A great idea. Give thanks to KivancOzbilgic (I cant post links yet! Sorry!)
The blue is NOT Bollinger Bands! It is a Donchian Channel
(The following is ChatGPT because I am lazy:)
Donchian Channels:
Construction: Formed by taking the highest high and the lowest low of the last 'N' periods. The area between the high and the low forms the channel.
Use: Primarily used to identify breakout levels. When the price breaks through the top or bottom of the channel, it may indicate a continuation or reversal of the current trend.
Bollinger Bands:
Construction: Consist of a middle band being a moving average (usually 20-period) and two outer bands at a standard deviation above and below the middle band.
Use: Used to measure market volatility and identify "overbought" or "oversold" conditions. When prices move close to the upper band, the market may be considered overbought, and when they move close to the lower band, it may be considered oversold.