✴️ Aptos Lower High Reinforces Bearish Potential (Mixed Chart)
Aptos hit its highest level on the 4th of January 2024 since April 2023.
On the 15th of February 2024, an attempt to move up took place but resistance was just too strong, the session ended as a lower high.
➖ The lower high Feb. vs Jan. reinforces a bearish bias.
Not only the high but also the trading volume.
➖ Trading volume 4-Jan. was higher than 15-Feb.
Or, 15-Feb. produced lower volume than 4-Jan.
➖ Not only the volume but also the RSI.
The RSI was higher in January than what we see now in February.
As long as the previous high remains unchallenged as resistance, the bearish potential is valid.
If the 4-Jan. peak is taken out, the bearish potential is invalidated.
Notice that I call this "bearish potential".
Technically we are looking at a bullish chart setup based on the bullish trend.
When the uptrend stalls it opens the doors for "bearish potential" but it doesn't turn the technicals bearish. For example, the RSI is strong above 50 and we have higher lows for four months.
This is a mixed chart.
Namaste.
On the 15th of February 2024, an attempt to move up took place but resistance was just too strong, the session ended as a lower high.
➖ The lower high Feb. vs Jan. reinforces a bearish bias.
Not only the high but also the trading volume.
➖ Trading volume 4-Jan. was higher than 15-Feb.
Or, 15-Feb. produced lower volume than 4-Jan.
➖ Not only the volume but also the RSI.
The RSI was higher in January than what we see now in February.
As long as the previous high remains unchallenged as resistance, the bearish potential is valid.
If the 4-Jan. peak is taken out, the bearish potential is invalidated.
Notice that I call this "bearish potential".
Technically we are looking at a bullish chart setup based on the bullish trend.
When the uptrend stalls it opens the doors for "bearish potential" but it doesn't turn the technicals bearish. For example, the RSI is strong above 50 and we have higher lows for four months.
This is a mixed chart.
Namaste.
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