AaveLong
AAVE consolidation before next move
AAVE has been relatively subdued so far in 2023, achieving only (!) a ~84% increase since Jan.1, when it showed a strong impulse off of the double bottom at the end of 2022. It has played out that impulse and now sits below the strong band of resistance between $90-$100, though it has turned the daily 200 MA to support. If AAVE can break above 94.36 high from Feb. 3, then I'd expect a higher low at the resistance band, followed by continuation with a new impulse up to at least 113, and maybe higher after that.
Trend (21 EMA > 55 EMA) and momentum indicators are bullish on nearly all timeframes, but the market in general is looking toppy, with BTCUSD approaching 0.618 off of the early 2023 lows. Probably due for a retracement after this latest push. If it fails to break 94.36, I expect a precipitous drop to support at the 0.382 (~$67.2), which is also the neckline of the double bottom. Risk management and tigth stop loss for long positions on this one, if not waiting for retracement. Good luck
Trend (21 EMA > 55 EMA) and momentum indicators are bullish on nearly all timeframes, but the market in general is looking toppy, with BTCUSD approaching 0.618 off of the early 2023 lows. Probably due for a retracement after this latest push. If it fails to break 94.36, I expect a precipitous drop to support at the 0.382 (~$67.2), which is also the neckline of the double bottom. Risk management and tigth stop loss for long positions on this one, if not waiting for retracement. Good luck
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