Avalanche (AVAX/USD) Long Idea

29 Dis 2021

After a 62% retracement a few days ago and movement into a 4hr time frame orderblock, I believe price is now heading down to fill in price gaps found on the weekly, daily, and 4hr time frames. I'm expecting AVAX to go long after reaching the 93$-89$ price range.

30 Dis 2021

Nota

A bounce after digging into the price gap on the weekly time frame. That was to be expected. AVAX seems to highly respect price gaps. Fortunately, there was a price gap on the 1hr time frame in which AVAX has just filled along with a 70.5% Fibonacci retracement. I'm hopeful for the continuation downwards into the 92$-89$ price range.

1 Jan 2022

Nota

Lesson learned on this one. Even though there was a significant amount of confluences to justify a drop into the 92$-89$ range, ultimately that dig into the weekly price gap was enough to send AVAX/USD off for a 14% increase and still climbing. Similar to how it reacted when price reached the previously weekly price gap in the 78$-74$ range.

Higher time frame always prevails as it is always the strongest.

For future analysis I will still keep the 92$-89$ range as a possible opportunity to buy given the confluences but I will begin to prioritize weekly price gaps as AVAX/USD has proven to highly respect them to a degree.