If the price retraces the recent FTX dump and closes above $14 (June lows), then I can see it squeeze up to the area highlighted in red in the chart ($30 - $36), and even higher ($55 - $60). I plan on buying at where the red arrow points.
Keep in mind that if the price starts closing back below $14 after closing above it, then this prediction is invalidated. What I mean is that my prediction holds only if the coin finds support above $14.
This doesn't just go for AVAX. The chart looks the same for a lot of other altcoins, and even for BTC, too. The idea remains the same: if they close a daily candle (or weekly, preferably) above the point at which the market began dumping on news from FTX, then they're likely to pump hard. See my recent XTZ chart which shows the same sort of setup.
Keep in mind that if the price starts closing back below $14 after closing above it, then this prediction is invalidated. What I mean is that my prediction holds only if the coin finds support above $14.
This doesn't just go for AVAX. The chart looks the same for a lot of other altcoins, and even for BTC, too. The idea remains the same: if they close a daily candle (or weekly, preferably) above the point at which the market began dumping on news from FTX, then they're likely to pump hard. See my recent XTZ chart which shows the same sort of setup.
Comment:
The price is of course following BTC but it did retest it's June lows these past few days. BTC did not even get close to it's June lows. This indicates AVAX is showing some strength, which further suggests that if BTC pumps a bit, AVAX should have a nice run as well.
Comment:
testing June lows
Comment:
June low revealing itself as resistance.
No close above, no trade yet.
No close above, no trade yet.
Comment:
Since I posted this chart marking the June lows as resistance, we've had six 3d candles run into it and fail. I have more confidence in the idea that if we break through and get a candle or two to close above, a major leg up would follow.
Comment:
I'd like to now buy at around 13-14 and sell at 30.
