$AVAX 🚀 AVAX/USDT Analysis: Trend Reversal or a Major Breakdown?
Looking at the current charts for AVAX, we are seeing some very interesting price action across multiple timeframes. Here is my technical breakdown using Smart Money Concepts (SMC) and Bollinger Bands.
🔍 1D Timeframe: The Macro View
Trendline Breakdown: On the Daily chart, AVAX has broken below the ascending support line it was holding. This is a bearish signal in the short term.
Bollinger Bands: Price is currently trading below the Middle Band (MB: $9.541). The next major support (rebound zone) is the Lower Band (DN) at $8.761.
RSI (14): Sitting at 43.5, showing increasing selling pressure but not yet in the oversold territory.
📉 30m Timeframe: The SMC Perspective
Market Structure: We see clear signs of a CHoCH (Change of Character) and BOS (Break of Structure) to the downside.
Supply & Demand: The price is currently reacting near a Weak Low. If this support fails, we could see a quick drop to the next liquidity zone.
Order Block: Keep an eye on the supply zones around $9.43 - $9.60. Any relief rally might face heavy rejection at these levels.
💡 My Trading Strategy
Currently, I am staying cautious.
Wait for Confirmation: I am looking for a potential bounce or reversal pattern near the $8.75 - $8.30 support cluster before considering a Long position.
Short Bias: As long as we stay below the $9.55 resistance, the overall momentum remains bearish.
What’s your move on AVAX? Are you buying the dip or waiting for lower levels? Let me know in the comments! 👇
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