AVAX markdown

After breaking the uptrend in the beginning of April, AVAX has formed and dropped out of a head and shoulders bringing it to the bottom of the trading range (white) established in February. The buyback was not strong enough to bring it back into the trading range and we're seeing price decline, remaining inside the (yellow) down channel started last November. Macro support is around $50. The trading range (white) appears to be a distribution cycle, and if true then I'm expecting $50 to break down. If that happens we may see a bounce around $33 where the volume profile shows lots of historic trading and is also the bottom of the (yellow) down channel.