Crypto Update: AVAXUSD, are sellers planning a new bear raid?

Crypto Update: AVAXUSD, are sellers planning a new bear raid?

Today we’re looking at AVAXUSD as price remains in a solid-looking downtrend. We are watching a consolidation pattern that could be a descending triangle or a wedge type pattern in the existing trend.

The key for us is at 28 support. If sellers break this level, the continuation could be on, and we would like to see a new LL set to show normal pattern of trend. If buyers can continue to hold 28 and above, this could be a worry for short term seller momentum that was set with a break of yesterday’s low this morning.

This pattern is also seen on SOLUSD, and other coins in the top 10 remain range-bound.

It’s really up to sellers now if they want to take this trend lower.

The Daily AVAX chart is below and for more information on this idea please feel free to check out our market the video is listed below the chart.

AVAXUSD Market Update Video powered by TradingView

The post Crypto Update: AVAXUSD, are sellers planning a new bear raid? appeared first on Eightcap.

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Joseph Jeffriess, Market Analyst in Eightcap
Eightcap is one of the leading CFD brokers in the market, providing online trading services to a wide range of clients from around the world. They offer 1,000+ CFDs based on Forex, commodities, indices, shares, and cryptocurrencies. The well-established trading company was founded in Melbourne, Australia, in 2009, and is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of The Bahamas (SCB).