Over six weeks ago I made an analysis on APE, where I wrote that I expected that the bottom was likely in. As of today, both bullish targets have been reached. Congratulations if you took the trade.
For now, APE has formed a clear bearish wedge pattern. It remains to be seen which way we will break, so patience is key. Furthermore, keep a close eye on BTC since it will likely signal which direction APE will go in the short-term.
In case we break bullish above $7.5, wait for the retest of the $7.5 support. If the area holds, it will be a great entry signal for a bullish trade, target at $10.
In case the wedge breaks bullish, look for $5.5 and $4.25 as potential bearish targets.
For now, APE has formed a clear bearish wedge pattern. It remains to be seen which way we will break, so patience is key. Furthermore, keep a close eye on BTC since it will likely signal which direction APE will go in the short-term.
In case we break bullish above $7.5, wait for the retest of the $7.5 support. If the area holds, it will be a great entry signal for a bullish trade, target at $10.
In case the wedge breaks bullish, look for $5.5 and $4.25 as potential bearish targets.
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