AVAXUSD: 2-Year Channel Down — Is a Rally Toward $20 Starting?$BTC
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Avalanche (AVAXUSD) has been moving inside a 2-year Channel Down structure, forming a fresh Lower Low just 3 weeks ago. Since then, price has been consolidating sideways, which may signal the market is trying to establish a solid support base.
If this support holds, AVAX has high probability of launching a new Bullish Leg within this long-term pattern.
Here’s what’s interesting 👇$BTC
📌 Previous two bullish rallies inside the channel have shown a decreasing strength:
The first rally reached the 0.786 Fibonacci level
The second only managed to hit the 0.68 Fib
If this declining rally strength continues, this new move is likely to top near the 0.5 Fibonacci level.
On higher timeframes, two major resistances remain:
🔵 1W MA50 (blue trendline)
🔴 1M MA50 (red trendline)
Both continue acting as strong roadblocks in this bear cycle. Therefore, for this potential bullish rally, my target remains below $20.
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AVAXUSDT
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