Crypto Market looks better than ever, few news on BTC with huge impacts! BTC might needs to cool off a bit, before ALTs push higher with the moneyflow from BTC profits into ALTs. AAVE is a very solid and good project, TA wise we have two important resistances in red and a bullish descending broadening wedge, as you can see on the image and chart.
If AAVE breaks above ~$ 333 (in blue with have an ascending triangle), we will see a test of the (yellow) resistance of the descending broadening wedge! I am not saying that this will happen immediately, nevertheless patience mostly pays off!
How to spot a pattern like this? Easy, it looks like a megaphone tilted down and should have at least five trendline touches. We have seven for now! Downward breakouts favor a rising volume trend and upward breakouts show better performance when volume trends downward throughout the pattern. This is all theory but often proven right.
This is my idea of this chart, obviously no financial advise!
What are your thoughts?
If AAVE breaks above ~$ 333 (in blue with have an ascending triangle), we will see a test of the (yellow) resistance of the descending broadening wedge! I am not saying that this will happen immediately, nevertheless patience mostly pays off!
How to spot a pattern like this? Easy, it looks like a megaphone tilted down and should have at least five trendline touches. We have seven for now! Downward breakouts favor a rising volume trend and upward breakouts show better performance when volume trends downward throughout the pattern. This is all theory but often proven right.
This is my idea of this chart, obviously no financial advise!
What are your thoughts?