APRA has seen strong gains over the past few days due to the anticipation of the recent Coinbase listing. Momentum and interest is now slowing down as people "sell the news" and we have been rejected at 0.195.
Strong bearish divergences for multiple indicators (MAC D, RSI, STOCH, CMF) as well as falling volume, signal to me an inevitable pullback is coming. We are currently sitting at local support on the 0.382 fib line, coinciding with a previous all-time high. Should this support break TP is the 0.78 Fib level which sits just above a demand zone at $0.13. Should $0.13 not hold we can expect further downside to 1D 0.618 fib at $0.095-0.1, also coinciding with a demand zone just below this level.
This Bearish scenario will be invalidated if there is a sudden increase in volume, or a strong BTC and alt rally, and the price rises back above 0.195. As this is a very low market cap coin it can move very quickly so please trade accordingly and set a stop loss as well as exercise position size management.
Happy trading :)
Strong bearish divergences for multiple indicators (MAC D, RSI, STOCH, CMF) as well as falling volume, signal to me an inevitable pullback is coming. We are currently sitting at local support on the 0.382 fib line, coinciding with a previous all-time high. Should this support break TP is the 0.78 Fib level which sits just above a demand zone at $0.13. Should $0.13 not hold we can expect further downside to 1D 0.618 fib at $0.095-0.1, also coinciding with a demand zone just below this level.
This Bearish scenario will be invalidated if there is a sudden increase in volume, or a strong BTC and alt rally, and the price rises back above 0.195. As this is a very low market cap coin it can move very quickly so please trade accordingly and set a stop loss as well as exercise position size management.
Happy trading :)
Comment:
0.382 fib line support broken and heading towards target. Not much support between here and the demand zone except possibly brief support at the 0.5 fib ($0.153).
Trade active:
Despite taking longer than expected we have reached our first TP and possible level of support at exactly $0.153. I expect it to stall here briefly and possibly pull back up, I have taken 1/2 profits here. However, there has not been much previous trading volume at this level, furthermore, we have broken out of the descending triangle that was forming on the 1H and so now the downtrend is confirmed, I expect it to hit $0.134 and possibly $0.11, depending on BTC movements.
Trade closed: target reached:
Apologies did not update this earlier but on the 24th we hit just above the 0.134 target at $0.137. I closed here.
Profit = 20%
Time taken = 4 days
Profit = 20%
Time taken = 4 days