APTOSUSDT Potential Bullish ActivityHi Guys, welcome to my TA analysis on a crypto thats been on the spotlight of late. This analysis looks at the USDT pair, not the BTC pair. Its important to state that though i am looking at the USDT pair, it is particularly important when trading crypto especially longer term trades like swings or investing to pay attention to what the BTC/Altcoin pair is doing.
With that i am looking at this trade after the BTC pair is at an uptrend and potential strong support area with indicators at relatively oversold areas. Also with BTC moving this high, reaching overrbought areas, its probable that profit taking occurs with money from BTC, moving into alts.
With that in mind, this chart pulled me in.
Lets first look at PRICE ACTION
We are currently breaking out of the downtrending resistance trend line from the HKEX:20 top in January 2023. Keep in mind it has not yet confirmed and its on the Daily timeframe ( todays candle has not yet closed). We need to wait and see if it confirms with some bullish candle patterns which ill be observing closely. If it confirms above this red trend line and or acts as support (meaning price action comes down to test it and wicks up), both scenarios i buy positions. Our first target will be the $13.80 level indicated by white line.
Also note higher lows are intact.
BTC moving sideways with APTOSBTC pair moving up will validate this and absolutely push this up.
Now lets look at the 2 indcators i got on my screen
1. RSI - Notice the RSI bounced off the moving average yellow line breaking over the red horizontal trend line. WHen ever white RSI line is above the yellow moving average, we tend to move up in price. The red horizontal line, though we dont have enough data on this coin, when we are above it and it acts as support we move massively up as noted with the previous price action to the HKEX:20 area.
NOTE, we have established higher lows on RSI as well, as long as we stay above the white horizontal line, we are good.
2. MACD - this is a momentum indicator, we have been flat for some time indicating in my opinion consolidation. But notice we also have higher lows forming on the blue/orange line. Currently we have crossed bullish and we are below the 0 line. If we end up moving above 0 line with bullish cross, i believe there will be massive uptrend momentum.
CONCLUSION: Overall price action is breaking out of this major 4 monthish resistance line. Note that todays candle has not yet closed, but will do so in 4 hours-ish. Also, If we can confirm above, this indicates a trend change to the upside or at the very least sideways action. However altcoins are dependent of how BTC acts so we must pay attention to BTC. Overall, in my opinion dictated by my trading principles we have not yet confirmed a trade setup but getting reallly close. I believe we will know more info in the next couple days to week (give or take couple days). So stay tuned.
Hope this gave some insight. If you liked my analysis please boost, follow and comment. Let me know if you want continual updates on this. Let me know if you want a BTC pair analysis. Check out my other analyses on BTC and if your into stocks, check those out too.
DISCLAIMER - This is not financial advise. I am not a financial advisor. This is for educational purposes and is my opinions only. When trading please do manage your risk well and trade safe with stop loss.
