AAVE / TetherUSUpdated AAVEUSDT is testing the Supply zone!
AAVEUSDT has recently formed a "Double Bottom" pattern at the 51$ area. This pattern is a bullish reversal pattern that is formed when the price reaches a certain level of support, retraces, and then returns to that level again before moving higher. In the case of AAVEUSDT, this level of support was at 51$.
After the formation of the Double Bottom, the price had a breakout from a descending channel and also broke above a static resistance level at 68$. This is a positive development for buyers as it shows that there is a shift in market sentiment towards bullishness.
Following the breakout, the price is now forming an "Ascending Channel". An Ascending Channel is a bullish trend that is characterized by a series of higher highs and higher lows. In this channel, the price is expected to continue its upward trajectory.
However, it is important to note that a false breakout from the Ascending Channel could occur in order to attract new buyers and liquidity. To take advantage of this potential false breakout, traders can use Plancton's Rules which provide guidelines for entering and exiting trades based on market conditions. The goal is to maximize profits and minimize risks.
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Follow the Shrimp 🦐
Keep in mind.
After the formation of the Double Bottom, the price had a breakout from a descending channel and also broke above a static resistance level at 68$. This is a positive development for buyers as it shows that there is a shift in market sentiment towards bullishness.
Following the breakout, the price is now forming an "Ascending Channel". An Ascending Channel is a bullish trend that is characterized by a series of higher highs and higher lows. In this channel, the price is expected to continue its upward trajectory.
However, it is important to note that a false breakout from the Ascending Channel could occur in order to attract new buyers and liquidity. To take advantage of this potential false breakout, traders can use Plancton's Rules which provide guidelines for entering and exiting trades based on market conditions. The goal is to maximize profits and minimize risks.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Note
Waiting for the breakout!However, it is important to note that a false breakout from the Ascending Channel could occur in order to attract new buyers and liquidity. To take advantage of this potential false breakout, traders can use Plancton's Rules which provide guidelines for entering and exiting trades based on market conditions. The goal is to maximize profits and minimize risks.
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