AAVE / TetherUSLong
AAVE: Channel Down Breakout
AAVE (AAVE) technical analysis:
Trade setup: Bullish breakout from Channel Down pattern. Price could revisit $65 resistance. Overall trend is down, therefore, this a trend reversal trade setup, which is a higher risk trade than continuation patterns.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance: Nearest Support Zone is $50. The nearest Resistance Zone is $65 (previous support), then $80.
Trade setup: Bullish breakout from Channel Down pattern. Price could revisit $65 resistance. Overall trend is down, therefore, this a trend reversal trade setup, which is a higher risk trade than continuation patterns.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance: Nearest Support Zone is $50. The nearest Resistance Zone is $65 (previous support), then $80.
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