APE has been one of the weakest big tokens of this year, falling over 60% from the January 1st value.
However, there's some light at the end of this dark tunnel. A falling wedge pattern has emerged on the weekly chart, as well as the fact that the weekly RSI has hit oversold levels for the first time in the (Binance) history of this token.
This trade is risky, because the break out has not yet been confirmed. However, I think it's worth the risk because this token has been losing all year and is due to a bounce. A more defensive strategy would be to wait for a break out of the falling wedge.
Considering how it “grows” on Bitcoin’s growth from 28k to 35k (that is, i'd say nothing at all) and how it reacts to the slightest decline in Bitcoin from its high, I very much doubt that this crap will give such growth or at least show a reversal movement from downtrend. I'm afraid what will happen, once BTC will show a little bit of correction, 31-30k?
But since I’m sitting in it, I hope you would be right in your prediction.
Paulo1437
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FieryTrading
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@Paulo1437, Correct, it has been severely underperforming this year, likely with a reason. Thing is, there's still some hype around it that can generate volume. Time will tell, thanks for sharing your thoughts.
behdark
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I enjoyed your analysis. That had some good points.thank you
But since I’m sitting in it, I hope you would be right in your prediction.