What's Next On APE (complete analysis)
Interesting fact about the current APE situation here I give detailed analysis.
First, Ape breakdown from the overall 70% Fibonacci retracement which is unlikely, then it went further to break the 100% Fib. retracement again this is very unusual considering how bullish the APE market was but it happened due the the overall catalyst (BTC, UST, LUNA).
Now here comes the big question, are we done with the downtrend?
Yes we are. How?
On the right hand side you can see that a break of structure (BOS) occurred causing the manipulator, market monger, stop loss hunter (whatever name you give them) to take/provide liquidity, wait that's not enough, yea but I have more.
On the chart you can see where I annotate HL(higher low) and LL(lower low) while the RSI indicator forms the opposite LL,HL which is a strong bullish divergence
Now we have 2 scenarios the symmetrical triangle or the descending triangle. If the symmetrical triangle breaks down, you might want to watch out for the descending triangle before exiting the trade if you check my previous analysis on symmetrical triangle you will notice I mostly have 2-3 backup plan for it.
Unless I see a divergence at the oversold region of the RSI or again some unfavourable fundamental news and of course possibly BTC dump, I am holding my long position on APE.
Build your buy/long position in between the 0.78 Fib. retracement and 1.00 Fib. retracement price level and set your stop loss at $6.55 for mid - long term while for short term set stop loss at the breakdown of the symmetrical triangle to the especially if price closes below the 100% ret. level ($7.280).
Have a suggestion? What do you think
comment below, like and share also see t.me/dewycandles for records of profit bagged from our APE analysis.
First, Ape breakdown from the overall 70% Fibonacci retracement which is unlikely, then it went further to break the 100% Fib. retracement again this is very unusual considering how bullish the APE market was but it happened due the the overall catalyst (BTC, UST, LUNA).
Now here comes the big question, are we done with the downtrend?
Yes we are. How?
On the right hand side you can see that a break of structure (BOS) occurred causing the manipulator, market monger, stop loss hunter (whatever name you give them) to take/provide liquidity, wait that's not enough, yea but I have more.
On the chart you can see where I annotate HL(higher low) and LL(lower low) while the RSI indicator forms the opposite LL,HL which is a strong bullish divergence
Now we have 2 scenarios the symmetrical triangle or the descending triangle. If the symmetrical triangle breaks down, you might want to watch out for the descending triangle before exiting the trade if you check my previous analysis on symmetrical triangle you will notice I mostly have 2-3 backup plan for it.
Unless I see a divergence at the oversold region of the RSI or again some unfavourable fundamental news and of course possibly BTC dump, I am holding my long position on APE.
Build your buy/long position in between the 0.78 Fib. retracement and 1.00 Fib. retracement price level and set your stop loss at $6.55 for mid - long term while for short term set stop loss at the breakdown of the symmetrical triangle to the especially if price closes below the 100% ret. level ($7.280).
Have a suggestion? What do you think
comment below, like and share also see t.me/dewycandles for records of profit bagged from our APE analysis.