AVAX) Chart Analysis: Potential Bullish Breakout from Wyckoff

2024년 3월 26일

This analysis examines the Avalanche (AVAX) price chart, specifically focusing on a technical pattern that suggests a possible bullish breakout.

Wyckoff Accumulation Schematic:

The chart appears to be exhibiting a Wyckoff accumulation schematic. This theory, developed by legendary trader Richard Wyckoff, suggests a price pattern that can precede a significant upward move. Here's a breakdown of the Wyckoff accumulation phases:

Spring: An initial downtrend that tests support levels and identifies strong buying interest.
Selling Climax: A sharp price drop that shakes out weak holders.
Accumulation Schematic: A trading range with relatively equal highs and lows, representing accumulation by informed buyers.
Markup: A sustained price increase as buying pressure overwhelms selling pressure.
Potential Breakout:

The current price action suggests AVAX might be nearing the end of the accumulation phase and on the verge of a breakout, or "jumping the creek" as some analysts refer to it based on the Wyckoff terminology. This breakout would ideally be accompanied by increased trading volume to confirm buying pressure.

Target Price:

Based on the Wyckoff accumulation theory, the target price for AVAX could be around $87 or higher. This target is projected by measuring the height of the accumulation range and adding it to the breakout point.

2024년 4월 1일

액티브 트레이드

2024년 4월 1일

노트

Avax back tested the breakout change of character area. $49.94 should hold maybe a wick to $47 but should not close under this price.

2024년 4월 1일

노트

I expect a rip to the equilibrium area in the near future. Stop loss $44

2024년 4월 5일

거래청산: 스탑 닿음

2024년 4월 6일

노트

2024년 4월 6일

노트

After being wicked out I’m still interested in Avax for so called upcoming alt bull run. Getting stopped out hurt but I have to stick to a plan. Bought Avax under $20 so was well in profit.