AVAX has hit a tempting level for bulls to seek re-entry. But, BTC's muted price movement ahead of Fed decision should be signal for caution.
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.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.
So, the confluence area could be a strong bullish zone only if BTC doesn’t register sharp losses in the next few days. The immediate targets will be the mid-range near $14.5 or the range-high of $15.5.
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