- ApeCoin price continues to face difficulties moving above a critical resistance level at $13.
- Two trade ideas identified yesterday have been resolved.
- A new long opportunity exists – but downside risks remain a major concern.
ApeCoin price action has traded mostly sideways throughout the Saturday session, sticking to a range between $13.80 and $12.40. The bulls attempted to break out Friday but were denied and pushed back down. However, bears were unable or unwilling to capitalize on that weakness. So indecision is now the name of the game.
ApeCoin price develops a strong bullish reversal pattern on its Point and Figure chart
ApeCoin price had two intraday setups on the $0.20/3-box reversal Point and Figure chart on Friday, one long and one short. The long entry triggered and moved up two boxes before returning lower and hitting the trailing stop at break even. The short entry was invalidated because the long side triggered first. Now, a new long opportunity presents itself for ApeCoin bulls.
The hypothetical long entry for ApeCoin price is a buy stop order at $13.20, a stop-loss order at $12.60, and a profit target at $15.20. The trade represents a 3.33:1 reward for the risk. The setup is based on the entry from a Point and Figure pattern known as a Bearish Fakeout.
APE/USDT $0.20/3-box Reversal Point and Figure Chart
The trade is invalidated if the current O-column moves down to $12.20 before the long entry is triggered. A two to three-box trailing stop for ApeCoin price would help protect any profit made post entry.
From an Ichimoku perspective, the whipsaws and indecision make perfect sense. ApeCoin price is inside the 4-hour Ichimoku Cloud. The Cloud represents indecision, volatility, congestion, fakeouts, and a myriad of other negative trading behaviors.
APE/USDT 4-hour Ichimoku Kinko Hyo Chart
In a nutshell, the Ichimoku Cloud is where trading accounts die until there is a clear breakout above the Ichimoku Cloud at $14 or below the Ichimoku Cloud at $12.60, painful trading conditions are likely to continue.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.