Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. A level of support with a pocket of liquidity at $18 meant Avalanche retained strong support despite recent selling. A Bitcoin crash beneath $22.3k could make buying Avalanche risky. Bitcoin [BTC] fell beneath the […]
also noted losses during the day’s trading. The asset fell from $20.24 to stand at $19.73, a loss of 2.5%.Higher timeframe analysis showed that Avalanche could be set for a dip toward $18.7 and the $17.8 levels. Bullish traders can wait for a bounce and a lower timeframe bullish market structure before looking for entries to long positions.Source: AVAX/USDT on TradingView
The market structure of Avalanche remained bullish on the one-day timeframe. To the south, below $19, it has a higher timeframe level of significance at $18.6. The zone from $17.5-$18.6 represented a pocket of liquidity. In mid-January, many candlewicks in this zone were rejected on lower timeframes. This meant that, at that time, sellers were dominant in this zone. When the $18.6 level was breached in late January 2023, it signified bullish dominance. Hence, a retracement into this pocket of liquidity would likely see strong buyers.
Further south, AVAX has a level of support at $16.8 and at $15.77. A daily session close beneath $15.77 will flip the structure to bearish. Until then, buyers can look to bid at important support levels, although it could be risky. The RSI was falling toward neutral 50 to show bullish momentum was waning. In contrast, the OBV was rising to show buying pressure.
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