Avalanche
Long
Updated

Avalanche (AVAX/USD) Long Idea

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.
Note
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.
Note
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.

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.