AVAX price to revisit $64.59, indicating the ongoing crash to steepen.
The breaker will likely reject any short-term throwback, extending from $77.60 to $83.35.
A four-hour candlestick close above $83.35 will invalidate the bearish thesis for Avalanche.
AVAX price forms a bearish setup
AVAX price set up a bearish breaker formation, which contains a higher high followed by the invalidation of the demand zone formed between these swing points. The invalidated zone is now termed as a bearish breaker.
For Avalanche, the breaker extends from $77.60 to $83.35 and forecasts a rejection upon the retest of this barrier. Hence, a short-term throwback that pushes AVAX price to head higher will face intense selling pressure leading to another leg down.
The $64.59 weekly support level is the immediate platform that seems capable of handling the incoming selling pressure. Therefore, investors can expect AVAX price to see some sort of a bullish reaction here.
However, investors should not discard the idea of Avalanche price visiting $55.32, especially if the bearish regime is not controlled for Bitcoin.
On the other hand, if the Bitcoin price recovers quickly, AVAX and other altcoins are likely to follow suit. In such a case, if Avalanche price produces a four-hour candlestick close above $83.35, it will invalidate the bearish breaker setup.
This development will open the path for AVAX price to revisit the February 17 swing high at $98.78.
