Technical analysis by SiriusTrading about Symbol AVAX: Sell recommendation (12/14/2024)

I spend time researching and finding the best entries and setups, so make sure to boost and follow for more.Avalanche ( AVAXUSDT ): 30-Minute Chart Analysis for Short Trade SetupTrade Setup:- Entry Price: $52.72 (activated)- Stop-Loss: $54.09- Take-Profit Target: - TP: $46.74Fundamental Analysis:Avalanche ( AVAXUSDT ) is a high-performance blockchain platform known for its scalability and low transaction fees. Despite its robust ecosystem and increasing developer adoption, current market sentiment reflects short-term bearish pressure, likely due to profit-taking after recent rallies.Technical Analysis (30-Minute Timeframe):- Current Price: $52.50- Moving Averages: - 20-EMA: $53.00 - 50-EMA: $53.20- Relative Strength Index (RSI): Currently at 42, showing increasing bearish momentum.- Support and Resistance Levels: - Support: $51.50 - Resistance: $54.50The 30-minute chart indicates a downtrend, with AVAXUSDT forming lower highs and breaking below key support at $53.00. This setup aligns with short-term bearish sentiment, providing a favourable risk-to-reward ratio for a downside target of $46.74.Market Sentiment:Short-term sentiment on AVAXUSDT appears bearish, with selling pressure increasing around key resistance levels. Broader market movements, especially in Bitcoin and Ethereum, may further influence AVAX’s direction.Risk Management:A stop-loss at $54.09 limits potential losses, while the take-profit target at $46.74 provides an attractive downside reward. This setup requires disciplined execution given the short timeframe and potential market volatility.Key Takeaways:- Ideal setup for short-term traders capitalizing on bearish momentum.- Clear downside target supported by technical indicators.- Risk management is critical given potential reversals in a volatile market.When the Market’s Call, We Stand Tall. Bull or Bear, We’ll Brave It All!*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders should conduct their own due diligence before making investment decisions.*Here we go. the pull back about to roll down once it breaks down the trend line, we should gather more momentum to the downsideclosing now. taking too long.