Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
- The $13 assist space was flipped to a resistance.
- Demand and quantity within the futures market dipped.
Sellers consolidated extra floor into August amidst uncertainty round Bitcoin [BTC]. Current BTC worth gyrations uncovered most altcoins, together with Avalanche [AVAX], to shed substantial worth between mid-July and early August.
For perspective, AVAX was 20% decrease after dipping from >$15.5 to beneath $13 on the time of writing.
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On the time of writing, BTC struggled to defend the $29.0k mark and will supply further shorting alternatives if the weakening persists within the subsequent few hours/days.
AVAX retests June/July assist
Supply: AVAX/USDT on TradingView
The $12 space has been a key assist zone in June and July. Every retest noticed AVAX rebound to $13.5 previously two months, making it a key worth response stage. So, one other worth reversal might happen at this stage.
However the weak BTC means the AVAX bulls might have problem reclaiming the bearish breaker of $12.9 – $13.4 (cyan). A worth rejection on the overhead hurdle might supply one other shorting alternative. If that’s the case, $12.9 and the white vary of $12.1 – $12.4 can be entry and take-profit ranges, respectively.
However an in depth above $13.2 might invalidate the above bearish concept. In such a state of affairs, a session shut above $13.2 would be the exit goal, particularly if BTC reclaims the earlier range-low of $29.5k and $30k.
The Relative Power Index (RSI) and Chaikin Cash Circulate (CMF) have been beneath thresholds, confirming the prevailing promoting strain on the press time.
Volumes and demand declined within the futures market
Supply: Coinalyze
Coinalyze confirmed the value chart’s bearish bias. Notably, AVAX recorded a quantity decline as demonstrated by the negatively sloping Cumulative Quantity Delta (CVD) that reinforces sellers’ dominance.
How a lot are 1,10,100 AVAXs value immediately?
Equally, Open Curiosity (OI) charges dipped additional on the finish of July however steadied between 1-3 August. The above metrics illustrate a bearish future market bias and reinforce sellers’ leverage.
