AVAX (Avalanche) is one the top cryptocurrency having market cap around $25.9B. In cryptocurrency segment, it is ranked 11th by market cap having current price at around $106.1. Since June-2021 low, it rises more than 10 fold in the price, which shows the tremendous strength & trend in past few months.
Since September-2020, AVAX (AVAXUSDT - Binance) started the higher high sequence & gains the initial momentum in early 2021. It favored ended the impulse sequence as I red at $60.30 on 2/10/2021 high started from 9/22/2020 low. Thereafter the larger correction of II unfolded & ended at $9.32 low on 6/22/2021. The correction was 0.854 as dip retracement of previous wave I.
In the previous blog, it expected to extend higher in ((3)), while dips remain above $51.04 low. But it gave dip correction from ATH, which favors the idea of ((1)) ended at $147 high followed by ((2)) correction at $75.50 low.
AVAX - Elliott Wave Daily Latest View:
It gains the huge momentum in the sequence started from 6/22/2021 low & placed ((1)) at $147 high on 11/21/2021. It favored ended (1) at $79.80 high on 9/23/2021. It placed (2) at $51.04 low on 10/12/2021 as 0.382 retracement against the previous cycle of (1). It proposed ended (3) at $110.41 high & (4) at $92.00 as 0.236 retracement of wave (3). Finally it favored ended (5) at $147 high on 11/21/2021 as ((1)). While below $147 high, it proposed ended ((2)) as zigzag correction at $75.50 low. ((2)) was 0.5 retracement of ((1)).
It proposed ended (1) at $127.32 high & (2) at $98.25 low on 12/30/2021. While dips remain above $98.25 low, it expect to extend higher in (3), which will confirm when it breaks above $127.32 high of (1). Alternatively, if it breaks below $98.25 low from current level, we can see double correction lower in (2) towards $88.45 - $81.60 area, which ideally should remain above $75.50 to resume higher.
Source: Elliott Wave View: AVAX Should Extend Higher
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This post is very useful to me at the moment. I have a desire to own some AVAX tokens for a trading plan that relies on me owning some before March 2022. It is to participate in a new business that will be expanding from an existing ecosystem to be available on this ecosystem. I am not in a hurry to procure the AVAX tokens, so I am currently tracking performance of AVAX, and in a departure from my normal plan for trading, I am actually looking to identify the short term market bottom for the AVAX price.
To this end, I have attached a chart in Trading View of my setup analysis. I am using the 20SMA as the baseline, the MACD crossover (standard settings) as a lagging indicator to show a trend reversal, and the ARRON up/down as a confirmation indicator for the MACD. All standard stuff.
So the price action of AVAX is currently in my zone of interest, defined as within 10% of my ideal buy price. But since the exact timing of this swing trade is not important, provided I press the button before it goes north too fast, I have a primary and a secondary target. It is my intention to buy half the quantity I require to hold when the price approaches target 1 and the other half when the price (if the price) hits target 2.
Owning AVAX is not the end goal. It is taking speculative action on AVAX based NFTs to be released during March that is the end goal. Meantime, I have another use case for owning AVAX - that of LP provision (liquidity pairs) for high interest short term income.
Any comments on the chart that proposes this set up will be gratefully received. Positive or negative. This is an opportunity to determine whether your own trading plans seek to identify such longer term opportunities for medium term (1 week to 3 months) plan timeframes.
Note that the underlying pair is AVAXBTC not AVAXUSD since my source currency is BTC
