Hello traders .
here we have daily chart :
in the daily chart , AAVE is testing the weekly resistance structure as very strong resistance area , we can also see price create a descending channel , which is shown by the blue lines ; also if you pay attention into the chart , you see very strong trend line which consider as weekly trend line , in my opinion , as long as price could hold above this line , AAVE remains bullish , but if this line break , price needs to hold above the previous low .
also you can call this pattern as a ascending triangle , i think it's very possible to reach upper line of the descending channel , even the daily structure ( blue box and black horizontal trend line ) if the weekly resistance structure ( red box ) break .
let's look at the 4H time frame for more details :
this is my short term prediction for AAVE , because as you can see in the chart , AAVE created W pattern on the weekly trend line , and this is very possible to reach upper line of the daily descending channel , because in that area , we have 2 point of confluence : 1_ W pattern target 2_ convergence of the two important fibonacci level ( 1.618 and 0.786 ) .
mid term price target :
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here we have daily chart :
in the daily chart , AAVE is testing the weekly resistance structure as very strong resistance area , we can also see price create a descending channel , which is shown by the blue lines ; also if you pay attention into the chart , you see very strong trend line which consider as weekly trend line , in my opinion , as long as price could hold above this line , AAVE remains bullish , but if this line break , price needs to hold above the previous low .
also you can call this pattern as a ascending triangle , i think it's very possible to reach upper line of the descending channel , even the daily structure ( blue box and black horizontal trend line ) if the weekly resistance structure ( red box ) break .
let's look at the 4H time frame for more details :
this is my short term prediction for AAVE , because as you can see in the chart , AAVE created W pattern on the weekly trend line , and this is very possible to reach upper line of the daily descending channel , because in that area , we have 2 point of confluence : 1_ W pattern target 2_ convergence of the two important fibonacci level ( 1.618 and 0.786 ) .
mid term price target :
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas