AAVE/BTC - Bear market confirmed

On the above 2-day chart price action has appreciated a massive 43,000% since August 2019. Can you believe that? Astonishingly 8/10 ideas on tradingview are long positions. The mind boggles.

A number of reasons now exist to be bearish. Very bearish. PS: This is not a reflection on the entire alt-token market, idea on that coming soon! On the above 2-day chart:

1) A ‘incredible sell’ printed back in July followed by two ‘great sells’.

2) Pi cycle top indicator illuminated.

3) Trend reversal. A lower high was printed following a break of market structure.

4) Price action is in a bear market. The 2-day 50-day EMA (actually 100-days of data / blue line) crossed down the 200-day EMA + price action prints below the 200-day EMA.

Yes, a ‘incredible buy’ is currently printing. A test of 5 to 5.3k sats is expected. A short position from here is excellent, but no more longs - this is exit time.

Targets? I don’t know, 350 sats is the most obvious.

Good luck!

WW

Zlecenie aktywne:

So far so good, lower lows / lower highs.

Zlecenie aktywne:

Price action rejects the 700-week MA. Not good. Will be months before it recovers, look left.

Komentarz:

Be careful... if you're watching all those alt-tokens pop off and wondering when AAVE is going to follow then you might want to pay attention to this BTC pair on the 10-day chart.

1) No buy signals.

2) Broken market structure.

3) Price action approaching critical resistance. Every time resistance is confirmed a strong sell off followed.

It's looking for ugly on this time frame.

Action? Do nothing until that resistance is broken and confirmed as support.

Zlecenie aktywne:

New weekly death cross with *whole* candle body printed below the 21-week EMA. Long way down to support.

Zlecenie aktywne:

Just over a year since this idea was published, so far so good. A 10-day death has now printed. Whether it is a stock a crypto the price of fish cakes in Hong Kong, these crosses = ugly.

10-day chart

Zlecenie aktywne:

A 80% correction in price action is now highly probable... And suddenly. I don't know why.

Komentarz:

Weekly death cross with bear flag breakout. 80% correction area is shown below.

weekly chart