Get ready for some potential fireworks with AAVEUSDT! 🎇🚀
💎 Paradisers, #AAVE has taken liquidity by breaking below a previous low, which served as a demand level for a while. Now, a bullish move is possible, but we need confirmation.
💎 #AAVEUSDT may bounce from here, as it has formed a double bottom structure accompanied by a dragonfly candlestick pattern, increasing the probability of an upward move.
💎 Nonetheless, I would prefer to observe a Change of Character (CHoCH) towards a bullish market structure in lower timeframes for confirmation.
💎 If the price breaks above the resistance level, we can anticipate a bullish move from there, possibly triggering stop losses of bears who entered on the breakdown of previous lows. Additionally, there is a gap above that could potentially be filled.
💎 However, if the price breaks down below the demand zone, it will invalidate the bullish structure, and in that case, it would be best to wait for better price action to develop.
💎 #AAVEUSDT may bounce from here, as it has formed a double bottom structure accompanied by a dragonfly candlestick pattern, increasing the probability of an upward move.
💎 Nonetheless, I would prefer to observe a Change of Character (CHoCH) towards a bullish market structure in lower timeframes for confirmation.
💎 If the price breaks above the resistance level, we can anticipate a bullish move from there, possibly triggering stop losses of bears who entered on the breakdown of previous lows. Additionally, there is a gap above that could potentially be filled.
💎 However, if the price breaks down below the demand zone, it will invalidate the bullish structure, and in that case, it would be best to wait for better price action to develop.
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.