AAVE hits bearish zone: Are shorting gains likely?
recovery around 7-10 August. But the +11% tucked after gracing $69 was at stake after BTC’s sharp reversal.At the time of writing , the bulls had lost the strength to push forward, as illustrated by the Relative Strength Index’s rejection at the neutral level. It shows the building selling pressure, which could tip the scale in favor of sellers in the next few hours/days.
Similarly, the CMF crossed the zero mark but had a downtick, suggesting eased capital inflows. The readings suggest building bearish sentiment, which could increase if BTC overstays below $29.5k. If so, AAVE could head lower to the bullish order block of $57- $62 . Such a move could offer shorting opportunities with modest gains.
A candlestick session close above the bullish breaker block and resistance zone will invalidate the bearish thesis.The recovery between 7-10 August was matched by rising CVD , illustrating that bulls were in complete market control. But their control waned post-CPI data release. The metric retreated, indicating sellers sought entry after AAVE hit the resistance zone.But Open Interest rates never flipped, even during the recovery period.
The stark divergence in the last few days has set AAVE for reversal, which could be accelerated if BTC remains below $29.5k. Sellers could push AAVE lower to $62.
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