Predicting the bottom of Avalanche
AVAX/USDT.P on BYBIT
Looks like the W-X-Y pattern is coming to an end and we will try to predict the bottom as best we can to catch a swing trade of wave C or even a 3 and a new rally.
If the count is right and the weekly support level at 13.910 does not hold, a one to one (of the W-X-Y) price target will be next. We could speculate the weekly level then will serve as a SR flip to confirm the start of the last wave 5.
Watch out for the weekly bar ending as a spinning top or doji for a bullish reversal up to wave 4 of 3 of C of Y in the last zig zag.
Risk
For me the stop level would be either right under weekly level at 12.180 or at the low of 10.535 also giving a double bottom setup. If we se it go all the wave to the high of wave A we could se a Risk/Reward ratio at a proximally 6.
Targets
First target for locking in profit would be the weekly level at 13.910 then we have the point of control for the whole correction at 17.285 and the high of A or 1 at 22.795.
Avalanche Market Cap
Avalanche market cap is now ricing to $4,741,712,576 and as of writing the trading volume (24h) is $132,773,075.
Conclusion
I will continue watching the price action on Avalanche and if it will continue to decline and unfold in way similar to the predicted pattern. It could be an interesting swing trade to the upside for a low risk.
Looks like the W-X-Y pattern is coming to an end and we will try to predict the bottom as best we can to catch a swing trade of wave C or even a 3 and a new rally.
If the count is right and the weekly support level at 13.910 does not hold, a one to one (of the W-X-Y) price target will be next. We could speculate the weekly level then will serve as a SR flip to confirm the start of the last wave 5.
Watch out for the weekly bar ending as a spinning top or doji for a bullish reversal up to wave 4 of 3 of C of Y in the last zig zag.
Risk
For me the stop level would be either right under weekly level at 12.180 or at the low of 10.535 also giving a double bottom setup. If we se it go all the wave to the high of wave A we could se a Risk/Reward ratio at a proximally 6.
Targets
First target for locking in profit would be the weekly level at 13.910 then we have the point of control for the whole correction at 17.285 and the high of A or 1 at 22.795.
Avalanche Market Cap
Avalanche market cap is now ricing to $4,741,712,576 and as of writing the trading volume (24h) is $132,773,075.
Conclusion
I will continue watching the price action on Avalanche and if it will continue to decline and unfold in way similar to the predicted pattern. It could be an interesting swing trade to the upside for a low risk.
Penafian
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