Analyst Smart Contracter Projects All-Time High For Avalanche (AVAX)
According to a prominent crypto analyst, known as Smart Contracter, Avalanche looks strong, as Bitcoin flashes signs of potential trend reversal.
Avalanche (AVAX)
Smart Contracter shared with his 204.6K followers on Twitter that he’s keeping a close eye on Avalanche, and he predicts a rally to new highs for AVAX.
“Where alts are concerned, I’m really digging AVAX. Not only did it have a very strong reaction from a very major 0.618 level but also move down from the highs was a three-wave corrective ABC. Expecting this to outperform many alts, potentially even all-time high.”
Smart Contracter relies on Elliott Wave theory, which is a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies impulse waves that set up a pattern and corrective waves that oppose the larger trend.
According to the Elliott Wave theory, an uptrend is likely to continue after completing an ABC correction.
At the time of writing, AVACX is trading at $79 with 20% upside on the weekly chart.
Bitcoin (BTC)
The analyst also updates Bitcoin, saying that the leading crypto asset is flashing signs of reversal after closing above the diagonal resistance.
“Solid daily close above downtrend. First signs of bullish market structure in almost three months.”
#btc putting in work and trying to make its first higher low in a long time, plus 3 month downtrend close to breaking aswell.
