Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Avalanche seemed primed for another plunge on the price charts A bounce toward $14 can not be discounted but can offer an opportunity for sellers Avalanche flipped its market structure from bullish to bearish […]
2023-24
More daring lower timeframe traders can seek to bet on a bullish couple of days. However, more risk-averse traders can wait for an opportunity to sell, with clear invalidation presented on the charts.The market structure was bearish as sellers remain aggressiveOn the 12-hour chart, AVAX broke beneath the bullish order block at $14.5 on 9 November. It flipped its structure from bullish to bearish on 8 November when the price broke beneath a recent higher low.
The Chaikin Money Flow and the On-Balance Volume also took a huge hit as selling pressure increased enormously. The bearish outlook has not yet changed. The Fibonacci retracement and extension levels showed that the next support level to watch out for sat at $10.06. This was also a significant psychological level.
For more conservative higher timeframe traders, the bearish breaker in the $15 region can be a place where they can look to enter short positions. More aggressive traders can view the $14 area as a place to enter short positions. In either scenario, the inference was that AVAX will face a large amount of selling pressure near these levels. Invalidation would be a session close above $14.06 for the more aggressive entry, and above $16.01 for the conservative approach.
As for the futures market, traders appeared to be positioned bearishly as the funding rate saw a dip into negative territory.Technical factors and sentiment was strongly in favor of the bears. This does not mean a bounce toward $14 or even $15 will not occur. Instead, higher timeframe traders can look for a retest of these regions to search for good probability shorting opportunities.Subscribe to get it daily in your inbox.
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