Chart for APE/USDT on a 4-hour timeframe

Key Observations:
Price Action: The price has been trending downward for a significant period, but it seems to have found support near the $1.00 level and is attempting a recovery.
Indicators:
MACD (Moving Average Convergence Divergence): The MACD histogram is showing bullish momentum, with the MACD line crossing above the signal line.
RSI (Relative Strength Index) or Histogram Indicator: The histogram shows bullish divergence from the oversold levels, suggesting a potential reversal or continuation of the recovery.
Trading Setup:
1. Entry Point (Long):
Enter around the current price ($1.17 - $1.20 range), as the price is showing strength with a breakout from a consolidation phase.
2. Stop Loss:
Place a stop loss slightly below the recent support at $1.10 to minimize risk if the bullish momentum fails.
3. Target Levels:
First Target (TP1): $1.30 - This is a short-term resistance level.
Second Target (TP2): $1.45 - A mid-term resistance level from previous price action.
Third Target (TP3): $1.60 - A longer-term resistance area.
4. Risk-to-Reward Ratio:
Ensure a risk-to-reward ratio of at least 1:2 or 1:3 for this trade.
Alternative Scenario (Short Setup):
If the price fails to hold the $1.10 support level and breaks below, consider a short position with the following setup:
Entry Point (Short): Below $1.10.
Stop Loss: Above $1.17.
Targets: $1.00 and $0.85.
Additional Notes:
Monitor the volume closely. A breakout with high volume will add confidence to the trade.
Watch for external news or announcements about APE that could affect the price.
Keep an eye on Bitcoin and general market trends, as they can influence altcoins like APE.