AAVE/EUR Weekly Analysis (03-04-2021)
1D-Chart:
- Since it has already break above the 'Main Triangle Upper Resistance', there is a bigger chance that the price will go up.
- Supertrend: Already bullish
- SMA 20 & 50: Price already above both MAs, and soon MA50 will cross above MA20. Another bullish sign.
- MACD(12,26,9): Still bullish, no divergence.
- RSI14: Hidden divergence -> bearish continuation
According to those facts above, I think:
- Currently Bitcoin has been ranging at around $59,000 for a few days and it could break out anytime, so the bullish/bearish of AAVE would really depends on where Bitcoin is heading to.
- The market of AAVE prefers a bullish one, but being very cautious. So the price might goes up, but slowly. The minor Fibonacci channel (parallel with the Main Triangle Upper Resistance line) will come more in play.
Possible Resistance:
- Minor Fib Channel: Level 0.618 (current price)
- Main Triangle Lower Support: @366
- 1D R1: @372
- Minor Fib Channel: Level 0.786 (@384)
- Major Fib Channel: Level 0.236 (@384)
Possible Support:
- 1D Pivot: @320
- Minor Fib Level 0.382 & Major Fib Level 0: @290-305 area
Remember, this is the crypto market, and anything can happen. This is not a financial advice, but just my own analysis/thought.
** If you agree and enjoy this idea, please like and/or comment.
** If you think I make an analysis error, please also share your thought so I can learn from my mistakes. Thanks!
- Since it has already break above the 'Main Triangle Upper Resistance', there is a bigger chance that the price will go up.
- Supertrend: Already bullish
- SMA 20 & 50: Price already above both MAs, and soon MA50 will cross above MA20. Another bullish sign.
- MACD(12,26,9): Still bullish, no divergence.
- RSI14: Hidden divergence -> bearish continuation
According to those facts above, I think:
- Currently Bitcoin has been ranging at around $59,000 for a few days and it could break out anytime, so the bullish/bearish of AAVE would really depends on where Bitcoin is heading to.
- The market of AAVE prefers a bullish one, but being very cautious. So the price might goes up, but slowly. The minor Fibonacci channel (parallel with the Main Triangle Upper Resistance line) will come more in play.
Possible Resistance:
- Minor Fib Channel: Level 0.618 (current price)
- Main Triangle Lower Support: @366
- 1D R1: @372
- Minor Fib Channel: Level 0.786 (@384)
- Major Fib Channel: Level 0.236 (@384)
Possible Support:
- 1D Pivot: @320
- Minor Fib Level 0.382 & Major Fib Level 0: @290-305 area
Remember, this is the crypto market, and anything can happen. This is not a financial advice, but just my own analysis/thought.
** If you agree and enjoy this idea, please like and/or comment.
** If you think I make an analysis error, please also share your thought so I can learn from my mistakes. Thanks!
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