AVAX: Another ETH Killer?

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videos worth it going forward hey guys Altcoin   Sherpa here with the daily coin analysis as always 
this is not financial advice i am not an expert   do your own research today i'll be reviewing 
avax it's the avalanche blockchain i think i   don't really know too much about the actual 
technical details behind this one just that   there's a lot of stuff being built on it 
and it's pretty hyped it seems like it   has a good community uh so today i'll just be 
reviewing the technical analysis behind it uh   this was launched in the fall of 2020 and this 
time period was pretty bad for many altcoins with   both pairs usd and btc even worse with the 
btc pairs you just basically saw a prolonged   downtrend overall uh with this trend line it just 
went from the listing price of seven bucks to   270.

And this is just like a pronounced 
downtrend overall um didn't really hit   a long accumulation point uh for a reversal it 
just started to explode at the end of december   kind of beginning of january this is like the 
time period where all all coins really started   to do very well avax was no exception uh and this 
continued higher this broke the former swing high   or the listing price at seven dollars and that 
area was an area of resistance as you can see like   when there's no other price history that listing 
point will uh always usually be some sort of   resistance area uh we could see here if you scale 
down to the four hour you could actually see   that level broke up broke above and then pulled 
back and that's still fine this was like pretty   pretty normal in general obviously price 
continued uh very strongly for the next few months   i went you know from seven dollars all the way in 
january all the way up to a peak of sixty dollars   before having kind of like this big blow off top 
and this really just kept going all throughout uh   february what you could see too is this kind of 
moment of consolidation from mid-january to the   uh beginning of february and these types 
of moments uh you saw this you see this a   lot in a coin like theta where price just 
hangs around and bullishly reaccumulates   uh and this is usually a good time period 
when you can start to consider scaling in   so lana also had this period as well recently 
but is now maybe in this consolidation itself   this is usually a good time to buy though and 
obviously that's easy to say in hindsight but this   is the pattern that you really want to look for 
and zill also had this during february no january   but anyways price had this big blow off top and 
then had this kind of reaccumulation point as well   and as i always say price is fractal so you see 
these types of movements across all sorts of   time frames and what we saw here was this 38 
to 39 area was a resistance area it got tapped   several times and you can see it right here one 
two and then now it's currently breaking above   uh the more times as i always say that resistance 
or support gets tapped uh the weaker that level   gets and as you can see right here price is now 
breaking above so uh where's my target for avax   in the short term i mean i think i wouldn't 
be surprised at all if this went up to like   55 there's going to be some other levels in 
between some residual sell liquidity over here   but uh the way that price kind of grinded up 
through these levels for instance uh when you   see a resistance area like here that we're price 
tap twice it's more sustainable to see price go up   hit consolidation go up hit consolidation and 
then break through a certain level so assuming   this is like the resistance level versus kind 
of going up nuke all the way or rip all the way   up and uh to that resistance level at that point 
you'll usually see some like decent-sized retrace   so we saw this first type of price action and 
if you scale down the lower timeframes you can   already tell on the daily this is what happened it 
was a slow grinding price action versus like a big   ripping up um price action through resistance this 
first one is a little bit more sustainable so i   i i'm pretty strongly feeling that 
this level will break this 38 level   just given the way that price kind of got there 
and there's some decent volume coming up as well   so overall if you scale down to lower time frames 
i mean this this 39 area would be a solid re-test   an aggressive entry would be uh like this forty 
dollar region this former like four hour close   uh this would be an aggressive entry of more 
patient entry like in the 38s the former kind   of swing high before and kind of like this last 
bullish demand area before price broke above   so that would these would be like my immediate 
entry areas if you want to be somewhat aggressive   if bitcoin does does pull back farther 
then i think that this will follow   um it's possible that this just runs 
independently of bitcoin but usually coins   don't do that in crypto it takes a special coin 
like dogecoin to do that um so if bitcoin does   pull back i wouldn't be surprised at all to see 
this pull back to like some of the other uh emas   for instance something like these lower ones 
like in the third like the lower mid 30s   but if you just look at this chart alone i 
personally feel that this this one uh this   one will get this one still i think has legs 
i think 48 would be like the next level up   and then 54 eventually as well so 
these would be like the next two areas   i would target a trade idea that you could have 
as like a retest at this level and then taking   profit at 48 and then 54 that would be like 
certainly like viable stop would be probably um below this daily close here at 35 it gives you 
about a two to one for the first profit target   but again it depends on the style that 
you trade i mean uh you could certainly scale down and do it below this um you could just do it below like this 
this these two closes right here   and keep it tighter below the march 19 high and 
then the april 14th high uh at 38 and then like   40 you can just like take this one too that's 
also totally fine uh but you know it just depends   on like stylistically what you like to do um 
this still to me looks pretty bullish and i   i wouldn't be surprised at all to see this like 
eventually go higher i do think that there will   be a pullback but again it depends on how price 
gets there it it's kind of the same thing that   i just talked about with how price uh breaks 
through resistance if it grinds up then it seems   uh more sustainable if it rips up in one day then 
then i'm not sure i mean there's a few different   factors for that too like if it rips up super 
strong like dogecoin does with insane volume then   there's probably going to be more continuation but 
uh it just depends on the context but the bottom   line is that i am bullish on avax i would look for 
the mid 30s mid-low 30s if bitcoin shits to bed   uh but otherwise um i would do i would consider 
aggressive entries in the high 37 or like the   high 30s for an entry here let's briefly look 
at the avax btc pair uh again as i said this one   actually had way worse uh downtrend than 
the usd pair i mean all all of the btc   pairs really did i mean like look at this 
92 percent from the wick uh to the bottom   and that's just in a few months like that just 
shows you that the old ptc pairs really can dump   very very hard and if you just use even use the 
body that's 80 percent down that's that's nasty   for sure but the the flip side is that all btc 
players also pump uh quite a bit harder usually so   this one had kind of a rounded bottom uh slight 
more accumulation than the usd pair it seems and overall it still looks like pretty good like you 
saw this it's had similar price action of the usd   pair in the sense that it ripped up hit a bullish 
accumulation area in january and then it had its   second leg big blow off top here strong volume 
followed by um like a very quick retrace and all   pcc pairs they usually pump very very strongly 
as i said and they dump very very strongly so   um you'll generally see price for usd pairs like 
they'll go up and then they'll consolidate and   then come down that's the distribution for 
all ptc pairs they're very violent they'll   like rip all the way up and then they'll they'll 
come down pretty quick too like this this was a   pretty quick reversal and you can really see it 
too on the uh four hour you can see this really   high cell volume and that's pretty indicative of 
like time to be scared followed by like some more   grinding up on lower vol like following volume and 
then like big downtrend so if you're watching on   uh lower time frames this is like a good time to 
exit again hindsight's always 20 20.

It's easy   to say that uh after the fact it's always it's 
always harder when you're actually in this coin uh   during this peak euphoria time it it's it's it's 
important to really manage your emotions and   stick to your trading plan and really scale 
down uh so we saw a big big downtrend overall   um for avax btc and then it hit kind of this again 
this is this bullish accumulation type of area   and there were deviations uh below the low here 
and it depends on how you chart this this uh range   i personally like doing it where there's these 
levels are respected a little bit uh several times   and the areas of where the eq the 
equilibrium of the range is also   good support or resistance and in this case it was 
support so what are we looking at here for the btc   pair i mean again i think this was a kind of a 
bullish accumulation all throughout february and   all the way up to now um the next level up would 
be this how do i read that 83k satoshi's area   uh i think that this is going to be some 
resistance in general and because the there is   resistance i'm sorry there is price history on 
the usd pair but it's important to also look at   the btc pair two if the usd pair goes into price 
discovery that's something that you'll really   want to watch because the more price history the 
better of course and if the usd pair is in price   discovery but the btc pair is not just chart the 
bcc pair four when you should start taking profit   but overall this still looks good i mean there's 
a decent buy volume coming in i wouldn't be   surprised at all to see this like come up and then 
like kind of uh reject and then we'll kind of see   it's going to be dependent on btc though as 
of right now like btc is still kind of in a   kind of arranging uncertain price action like 
nobody's really sure what's going to happen   so really keep an eye on bitcoin for 
that um if bitcoin moves big in either   direction i wouldn't be surprised at all to 
see like a tap of the 63k satoshi's area um as like a decent entry area and then if it falls 
even lower the eq around 55k should be good   but that's kind of my those are kind of my 
thoughts on avax i think it's a good project   good luck out there

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