AAVEUSD has been building a nice long term bullish setup but the short term price action has been neutral for quite a while. Until today where we now have a short term buy signal with a pinbar continuation setup on the 1D candle chart. The invalidation area is around $164.If this starts running we could find ourselves at the 1st long term price target (400ish range) sooner rather than later, but since this is a short term setup it's best to manage risk and profits on a short term time scale. That can mean a tighter trailer stop or more conservative price target ($250-280), whatever suits you.
Trade active
AAVEUSD has hit 2.5 year highs! Price has broken through the prior highs ($199) and pushed as high as $206, before retracing some of that move. What bulls want to see at this point is the $199 resistance-flipped-support continue to hold as support on any further pullbacks. If this level isn't able to hold then it will put the setup into jeopardy. If you want to play more defensively then a stoploss just below yesterday's close ($181) might make sense. If you're willing to take on the additional downside risk then just below yesterdays low ($165) is the ultimate line in the sand for this setup.Still targeting $250-280 for short term price target and $400-450 for long term price target.
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.