AAVEUSDT on daily support, long favorable towards 72.9

10 Jul 2023

We talked about this one going down to the daily support and potentially aim for the weekly support in coming days. That does not mean that a bounce shall not be expected from the daily support. The price has touched the daily support and I expect a bounce here towards 4h resistance 4HR1. This provides an opportunity for a long trade. The target of this trade should be close to 4h resistance zone 4HR1 which is around 72.9.

11 Jul 2023

Nota

The price reached the resistance zone and so our target. That concludes this trade. The price spiked through the resistance but now seems to be pulling back and now trading below that resistance zone. This trade is a good example of the cumulative gain in one trade I talked about in a series of posts sometime back. The price moved up more than half of the target, where profit could have been booked on half of the position size, before dropping again to the entry zone. Then that half size could have been added again on the drop. Anyways, I wanted to point that out here as it was a good example where this would have worked well. We look for the next setup on this one in a next post.