AAVEEUR trade ideas
AAVE breakout incoming?The picture explains itself: inv H&S on the daily timeframe as well as a bounce on the golden fib.
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.
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** If you think I make an analysis error, please also share your thought so I can learn from my mistakes. Thanks!
AAVEEUR still has potential on the long runHi all,
as we can see, AAVE keeps respecting the main bands within the Pitch fork. In the past few days we saw sideways and big reactions on BTC changes. Also big money was accumulating BTC by using the alt coin/BTC pairs, so they do with AAVE/BTC as well, resulting in price decrease in the AAVE/EUR side.
AAVE also kissed the lowest parts of the fork, but bounced back nicely, consolidation is necessary, but I think time is near for another push upwards, with a new ATH probably. As I am long here, I am confident to see more profit coming in our way here. It is also worth to have a look at AAVE/BTC time to time to see what can we expect.
Let me know what do you think, feedback is more then welcome!
Cheers
AAVEEUR keep going upAAVE/EUR keeps going up in a nice channel, seems like a never ending run up. As you can see it keeps respecting the zones in within the Fork, a solid long Defi choice, whit big potential going up. (first time doing this, open for any feedback).
Let me know what do you think!
