Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Price action eased to a bullish confluence area.
• More long positions liquidated as sellers locked in more gains.

Avalanche [AVAX] price performance was massively boosted after Ripple Labs’ win around mid-July. However, the euphoria dissipated after the win, prompting altcoins to reverse the gains. So far, AVAX has dropped from $16 and hit a crucial confluence area and bullish zone near $13. 

Is your portfolio green? Check out the AVAX Profit Calculator 

Meanwhile, Bitcoin [BTC] struggled to close above $30k ahead of the Fed decision on 25/26 July.

If BTC records more losses after the Fed decision, AVAX’s bullish zone could be invalidated. However, bulls could see a reprieve if BTC defends the $29.5k after the Fed announcement. 

Will the confluence area hold?

The price rejection at $16 saw short-sellers gain market entry, exposing AVAX to depreciate toward $13. Notably, the overall price action during the recovery from mid-June chalked an ascending channel pattern. 

The recent pullback has hit the range-low of the channel at $13.3. Interestingly, the range-low is in a confluence area with a bullish order block (OB) of $12.9 – $13.4 (cyan). 

So, the confluence area could be a strong bullish zone only if BTC doesn

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Author: Benjamin Njiri

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