Cryptocurrencies

AION technical analysis

AION seen from the temporality of 1W we can see how the structure of candles has remained within a range since the month of July 2019, the major figure is that of a descending wedge, indicated in the graph above by the two diagonals red, this wedge has entered into formation since August 2018, the price is currently at a key moment to look for the break, the key support located at 0.00000841, indicated in the graph by the horizontal blue color must be recovered to ensure a next bullish movement to get the break of the resistance of the major figure, if we achieve it, we should reach our first target located in the 0.00001900 that I have marked as an area of supply, the price could continue to reach our second target located within the price range of 0.00002167 – 0.00002704, indicated in the graph by the rectangle light blue.

AION seen from the temporality of 1D we can observe more closely the current movement of candles, I have indicated through a yellow circle, the current area where the price in its retreat has managed to withstand the support of the demand in 1D located at 0.00000780, indicated through the horizontal black color, the current candle is marking a long lower wick, signal of buying pressure in that area, to close so, would be a strong signal to go looking for the reclaim of the blue horizontal and continuation with bullish momentum.

In conclusion, AION has had a long run within the descending wedge, currently the price gives a strong signal of a movement with upward inclination, within the temporality of 1D, the price has come created a series of HL that the movement continues to respect, as I mentioned above, we must recover the key support located at 0.00000841 to then look for a much larger long movement, the daily candle is closing well, however, we must be very attentive to the action of the price of the next candles in 1D to secure our position, always remember to place stop loss in all your operations to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Related posts

Crypto Shopping Cart 12 February

Bit Brain

Two Minute Crypto – Deciphering China’s Blockchain Play – Part 1 of 5

cryptos-decrypted

Crypto Contest March 31: Project Pai

Markus Aarnio

Get involved!

Comments

No comments yet
s2Member®