The A to Z of Aave’s buying opportunity over lower timeframes

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. 

Bitcoin broke out above the $30.6k-range highs a couple of days ago and indicated that, in the short-term, bullish bias is likely to be the way forward. Aave also has a bullish bias of its own after it climbed past the $100 and $110-resistance levels last week.

The market structure and the lower timeframe indicators suggested that a move north is likely to unfold over the next few days. This would target the next horizontal resistance level at $140.

Source: AAVE/USDT on TradingView

On the H6 chart, it can be seen that the price has made a series of higher lows and higher highs since the drop to $64 on 12 May. Moreover, consider the move down from $162.2 to $64.8 earlier in May.

For this move, it can be seen that the most recent lower high was set on 9 May, at $118.7. Over the past couple of days, the price has managed to push past the lower high, which meant the market structure had flipped to bullish.

For the same move down, a set of Fibonacci retracement levels was drawn. And, it can be seen that the price flipped the 50% retracement level at $113.5 to support.

The rising OBV has been above 50 for the past ten days too. Ergo, a lower timeframe can be examined to enter long positions.

Source: AAVE/USDT on TradingView

The H2 chart also projected a bullish bias as the price set higher lows and higher highs. On 30 May, the price saw a strong surge from $96 to $120. This broke past the two Supertrend indicators and flipped them to bullish. The RSI was also above 50, with the OBV climbing too. Therefore, the two indicators showed, respectively, bullish momentum and significant