Around two months ago I made an analysis on AVAX and the bullish wedge pattern it was trading in. In my previous analysis I noted that AVAX was making a move towards the pattern’s support, which would in turn be an ideal entry point to trade the bounce.

The bearish move came, but I’m not certain anymore on the bounce. Stock markets are on the verge of breaking and I’m expecting BTC to capitulate in the near future. Hence, I’d be surprised if we’re going to see a bounce from here.

It’s much more likely that we’re going to experience a bearish break out. I’m looking at the $32 – $25 area for a potential reversal. For now, more downside is likely coming.