APE appears to be a really great deep value buy here. Yesterday it closed a bullish momentum candle on the week chart and has pushed up beyond the trendline. It appears to have bottomed tidily between phi; 1.618 and 1.786 overshoot ratio band. This coin may have serious pump action I think. Not advice
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$100 is an approximate 1.382 ratio based target for this coin. We'll see; it could be more more if it reaches a higher fib.
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In the previous bull market ETH completed a 1.382 extension and that was with a large market cap in a second bull market.
APE has not had a bull market yet and so it has plenty of room to grow.
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"Walter" well spotted that this is a shooting star shakeout on the 2 day chart and has exited.
This is a reasonable thing to do and there is a good chance that it will at least go slightly lower and I think perhaps could get back to the 1.618 @ $1.1 which would be a 32% discount.
This is made more likely if Bitcoin and indexes correct and currently it looks like a reasonable chance that they will.
But i'm just going to hold here because i'm trading based on the previous bullish momentum candle here on the basis that APE is deep here, its been a very clean 1.618 Golden Window catch and this area is the higher liquidity pocket below the trendline that at some point will likely prove to be a shakeout to then pump out of this area.
Also the small candle bodies (yellow arrow) look like a fairly tight accumulation.
And a shooting star shakeout can also be part of a continuation pattern as we have seen with Bitcoin recently.
Its all a matter of strategy and I am also saving allocation for if a Bitcoin correction does comes.
But also considering Altcoin Dominance charts, this is the time when they are likely to pump and so that is why I prefer to trade with higher time frame bias in consideration that this area is very deep.
And it may end up looking ridiculously deep by the end of the market cycle.
Again its the strategy of not tripping over pounds to try to save pennies 🤨.
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APE
Up 12% earlier today and it looks like the next wave up here.
Notice how the bearish shakeout with shooting star on the 2 day chart led only to a short bearish wave that became a re-test of the trendline and delicately find support before the next wave up.
This looks good to head on up to dizzy highs from here 👍.
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APE
Had an 28% spike out of a whipsawing manoeuvre.
This might be a clue that there is a pump in the pipeline.
As I keep saying APE is very deep and a great top 100 coin.
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APEBTC
Is my favourite high rank coin in this bearish phase.
And it appears to be in a tight contraction pattern against Bitcoin.
I really like APE here and there could be quite a pump coming I think.
Might be some sort of flash crash before Bitcoin is done so I have bought some APE here and scattered some limit buy orders below 👍.
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Is printing a lower time frame Wyckoff "Creek;" shallow descending channel.
This is most likely building cause for the next wave up.
Count me in, decent pullback here and I do think it's a good play. Been looking for a while. Your idea helped me decide. If it doesn't pan out, it's not on you either. I appreciate the knowledge shared though to make an informed decision. Thanks.
Looks like $1.10 hit. Although I'd hardly call this a buy the dip moment. This idea appears to be void. Can't beat BTC and when MMs pulled the plug, it was over for the rest. You're right about Mara BTW but crypto is going with it.
Like I just commented on Bitfink's post, glad I work for a living and don't depend on this. At least I got some great money with TruFi. Peace.
dRends35
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@ArtfulDodger1974, Obviously rug pulls can come at any moment but the winning strategy is to buy the deep areas and obviously the earlier the better. The more that Bitcoin moves up, the more risk there is of a correction. But the really great buys like FET and SOL I (and my clients) were alone in buying them. At that time you were elsewhere with a strong bearish bias. So the issue is timing and as an independent trader you can only have that if you really do the work and put the hours in.
ArtfulDodger1974
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@dRends35 not a seller, not a buyer. Have enough skin in the game. If you're right, we can come back here and celebrate. If not, I will not have lost any more money at least. Yes, went through this last year. Corrections can and will happen. This is more serious than a "correction". Especially if BTC continues to fall around that 50k area.
dRends35
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@ArtfulDodger1974, Its fine to just hodl and be very passive and you can make a little profit doing that, but to make the real profit in this market you have to enter and exit the market with timing or else the coins you own lose 95%+. If you are glad to be working then thats great, because its good to enjoy what you do but if you could put into practice what I just said then any meagre savings can be turned into a fortune at which point you perhaps would not miss your job. BitFink is not doing much I think, he's here for a social aspect it would seem so not sure he'll be right on his doom calls. But if he keeps making them 5 times a day then one day he will of course be right.
Quite a few of my top altcoin picks are sitting tight in their corrective areas btw. Some are getting smashed but thats unavoidable. Take a look at EPIK for example. You can have that one on me. Then take a look at my EPIK thread. Thats what you can do if you have the passion to work and commit yourself. Some of the coins will rip it whenever this dump is done.
ArtfulDodger1974
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Thanks, unfortunately I can't trade Epik because it's not traded on Kraken. I have Meta Mask but no longer use it as the transfer of ETH and gas fees are a pain. I don't trust other exchanges so is what it is.
Appreciate the responses and I guess "counseling" for lack of a better word LOL. I'm not going to hodl my positions forever, they each have targets. If they don't hit however, I will be left holding them indefinitely. I want to be done with all this, one way, or another. After what I've endured, I'm playing until the end. Ape has a $40 target for me like I said before. If it only hits $10 this cycle, it will be a loss as I will not be selling at that price. I can afford to hodl until I get what I came for.
Onward and upward or downward spiral. Let's get it done.
ArtfulDodger1974
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The failure to break 2.50 was bearish as I feared. Touched $2 and if this doesn't hold, $1.60 up next. Bitcoin ran too high, too fast. That's going to hurt everything else.
We could get an ALT season if BTC consolidates but the problem with that is, no one knows how far the fall is. They've been toying with people a bit but I do think 50k is possible which will bring Ape to the area I entered or worse.
Could be worse, Vibranium used 5x leverage on Shib and has gone mysteriously silent since. Never will understand that kind of risk. I did warn him...
dRends35
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@ArtfulDodger1974, This coin looks like is coming out of accumulation and you have to hold or buy the dips through the wobbles to make profit. Great value in this area I think though I cant say much about short term noise.
ArtfulDodger1974
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I had a feeling that $1.68 entry was good. Nice move up. This time next year wonder where we'll be! If it hits it's ATH I'm out. A 40x move from the bottom I'm happy.