Avalanche: Long-Term Bullish Above Support & Other Signals

The end of February didn't do much harm to Avalanche, which is a bullish signal. In early February, the lowest price hit was $21, in late February the lowest price was $20. The difference is only 5%. This small gap between these lows indicate that the bearish force is over.

Let me explain. There was a low on the 13-January session at $32, the low in February was $21. That's a big gap.

For a new low to be considered of any value from a technical standpoint, the minimum, after the $21 low, would be $17 or much lower around $9 or $8. When we get $21 first followed by $20, we are simply looking at a double-bottom. A double-bottom is a bottom pattern and tends to lead to a trend reversal.

The next little fact that is of interest to us, Cryptocurrency bulls, is the existence of a long-term support, on this chart labelled as "baseline." A lower low as mentioned above would require a break of this level. This is highly unlikely.

Well, let's not go too deep into this type of technical analysis, let's consider a different perspective.

In late 2023 after a strong period of sideways with a downward bent, a complex correction, AVAXUSDT moved to produce a 5-up waves bullish impulse. As this impulse ended, we have the same dynamics as before, between January and November 2023, a long complex correction.

The action that AVAX has been witnessing since March 2024 is all part of a correction in Elliott Wave Theory terms. Once this correction is over, we will have a new bullish wave. This bullish wave tends to develop in five steps. Three steps forward and two backwards. The 2025 bull-market. This impulse will end in a very strong new All-Time High.

This is simple technical analysis and it will end up being right.
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Patience is key.
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Namaste.