JB has released a new video discussing the recent performance and future expectations for AVAX (Avalanche) in different timeframes. In the video, JB notes that AVAX has experienced significant gains in a short period of time, but he anticipates a potential end to the uptrend.
Key Takeaways
- AVAX has experienced a nearly 25% increase in price within a short period of 11 to 12 days.
- A potential breakdown to around $829 and $780 is anticipated.
- Several fair value gaps from the recent uptrend are expected to be reclaimed in the next downward movement.
- Technical indicators, including Stochastics and RSI, suggest a likelihood of a downward correction across various timeframes.
- Initial target areas for the next downward move include $104 to as low as $953.
- On the daily chart, a larger correction down to $6.98 and $5.78 is considered as a significant opportunity.
- The video emphasizes the potential buying opportunity in a bearish market for AVAX.
Analysis
JB begins by reviewing AVAX’s price on the 1-hour timeframe. He notes that AVAX has made a significant move higher in recent days. However, he believes that the uptrend may be coming to an end.
JB then switches to the daily timeframe and takes a closer look at the technical indicators. He notes that the Stochastics and RSI are both overbought, which suggests a potential for a downward correction.
On the weekly timeframe, JB notes that AVAX is still in a bullish trend. However, he believes that the recent gains have been too fast and too furious, and that a correction is likely.
Conclusion
Overall, JB’s analysis suggests that AVAX is due for a correction. He sees potential for a breakdown to around $829 and $780. However, he also sees this as a potential buying opportunity in a bearish market.
