AVAX : Potential Reversal in MACRO TF

A downtrend, or bearish trend is characterized by a few things including making lower lows and lower highs. This is evidently seen when pulling up the macro timeframe and applying trendlines towards major bounce zones or wicks.

Similarly, an uptrend is characterized by the price making higher lows, and higher highs. Currently, we are only seeing ONE of these conditions met - the higher lows. This does not mean the price cannot retrace towards the trendline. However, as soon as the trendline is lost, the higher lows is invalidated and the price remains BEARISH.

A fall UNDER the trendline would likely lead to a revisit of a wick at $17.

While you're here👀 Make sure you check out yesterday's post on 3 Alt that are bearish right now: