AION could be in one massive bear-flag.

Dec 8, 2018

AION/BTC had a strong move up to about 450 before seeing a massive sell-down to the .236 fib level around 350. Currently, AION is consolidating on the .236 fib level, with resistance at the .382 fib level around 370. We are seeing prior support become new resistance; as for the .382 fib level around 370 was a prior support zone that held for about a week to a week and a half and acted as the springboard for the move to 450. This to me looks like one big bear-flag, and unless we get above the .382 fib level again and hold it as new support, we could see AION drop back the previous bottom around 315-320, and if that breaks, we could be set to enter price discovery yet again. A lot of this will be dependent on Bitcoin as well; and whether or not it can hold 2800-3000 should it get tested. Bitcoin is dictating the pace for a lot of these alts; so if it continues to drop, then there is a good chance majority of the alt coins will continue to drop as well.

What to watch for:
1.) A sustained break above the .382 fib level around 370 with a successful retest of the .382 fib level as support.
2.) A sustained break below the .236 fib level around 350 with the .236 fib level acting as resistance.
3.) A sustained break below the previous bottom around 315-320. If that occurs, AION will enter price discovery once more as it hunts for a new bottom. Remember, do not try to catch a falling knife.

--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.

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