In the AVAX analysis we wrote in the past weeks, we wrote that the bowl formation was seen and the target was 70 dollars.
For AVAX, which reached the target we stated in our previous analysis in a short time, the next target is seen as 100 dollars.
When Fibonacci is applied to the 4-hour chart, it can be said that $100 is both an important technical resistance and a psychological level.
For AVAX, which technically makes its moves “according to the book”, in the worst case scenario, stopping under $50 may be preferred.
Especially investors who want to make new investments;
On the upside, he can invest with a break of $80, stop below $75, wait for the $100 target, and sell fragmented profits near this level.
In the event of a downtrend, there can be a partial buy up to $53 and a stop on the closes below $50. On the other hand, the yellow trend lines formed on the chart can be used as buy, sell and stop points.
While investing in altcoins, Bitcoin movements should always be followed closely. A sharp drop in Bitcoin will drag all altcoins with it regardless of technical analysis.