AAVE - Update!In previous technical analysis, we could not broke and stabilized first resistance area. Now we are in a range area between support and resistance areas. I think we can range for 15 days here and then rise up for break first resistance area. We can take this path with two method (blue and orange lines).
Don't forget everything is depend on BTC in cryptocurrency.
SL: $ 289
Aave
#AAVEUSDT 3H Chart
Price was consolidating between the support at $300 and the resistance at $350. MACD is showing bearish weakness, RSI is sold and price is trading below EMA ribbon. Huge liquidity was resting below the support which price took out recently liquidating all long positions from this area also leaving a freshly printed supply zone and an imbalance. Liquidity is still resting above the resistance at $350 meaning the supply zone will most probably not hold as much and we should see bullish movements sooner or later.
AAVE Looks Very GoodIf you look at the channel I draw the first thing you will notice is the price is in the lowest part of the channel and as you are aware the daily view is a very powerful view, in candlestick view, we can see hammer candles that show us the power of bulls and I think at least we are going to touch the mid of the channel in this bull market, Specially if BTC and BTC.D do not mess things up ;D
AVAX READY TO GOExtremely strong fundamental news propelling this coin up recently, after heavily respecting fib levels on longer term chart, price formed flag and broke into double top head and shoulders type pattern we have been seeing among many cryptos recently. If we get a strong Daily close above our area of interest, we will likely be seeing a strong bull push to the 1.618 fib level
AAVE USDT In my opinion, another rule should be added for commodities. Maybe there is such a rule, but I may not know. Each pattern gives birth to its own pair. We see this in the chart.
Like Ying Yang, it has created a channel by creating another pattern in return for each pattern. I think we will be able to determine how these patterns will be completed or how the price will move within the channel.
You see 2 trends in the chart. The 1st trend is megatrend. The second trend has just started to form and is now trying to get rid of its fractals. Small trends in the inside area, I think, are about to end. I think we will see bigger formations now. If BTC does not make a downward move, I believe that these predictions will come true.
First, the small channel must be crossed. The bottom of this channel can be thought of as a stop loss.
If we want safe trading, we can wait for the price to break the channel up. In this way, our target areas are already clear.
We can think of the first target as the median canal line. The second target corresponds to a price of $700 and above. I hope btc does not mislead us and does not lower the price of alt coins. In this case, I believe we can see the goals we mentioned.
Note: This is not investment advice.