APE Ready to Drop!? Look for These Signals to Maximize Profit!Ape Coin has been in a sideways holding pattern for about a month, unable to break and hold over $1.50. Are these failures a death sentence for Ape? There are several data points to take into consideration and they don't all point in the same direction.
How do we trade this?
In a bull channel, it's reasonable to have a long bias since the probability of profit is greater. That data point must be contrasted with the 5 failed attempts to break and hold $1.50 and the RSI hovering around 50, which doesn't support bias toward either side.
It's reasonable to wait for more price action until the next move becomes more clear. Either a final capitulation to the upside with a sell signal, or a buy signal at bull channel support is ideal. A confirmation bar after either signal gives us enough to reasonably enter a trade. Until then, remain on the sidelines.
Key Points
1. Bull Channel, Long Bias.
2. 5 Failures to Break and Hold Above $1.50
3. Watch for Pullback to $1.25
4. RSI around 50 and on the Moving Average, Indecisive.
5. Look for Bounce or Breakout at Bull Channel Support.
You are solely responsible for your trades, trade at your own risk!
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