I'm looking at APPC right now:
A descending triangle which is bullish if it breaks upwards but bearish if it breaks downwards.
It has bounced multiple times off the support into the resistance which makes me think it's more of a bullish triangle here.
Volume has been sloping downwards which is a normal sign, once we see some more buying volume we can expect a breakout.
MACD still looks indecisive so not much we can read from that. The 1hr MACD looks a bit better but still no confirmation to be seen yet.
If we see some green candles and it bounces from the resistance I wouldn't be surprised if it immediately broke out.
If you get in the trade now set some tight stops since BTC can still move the market.
Targets and possible resistances are on the fib.
If you like my analysis consider following me on twitter: www.twitter.com/cryptoniter I post my thoughts and charts from time to time.
A descending triangle which is bullish if it breaks upwards but bearish if it breaks downwards.
It has bounced multiple times off the support into the resistance which makes me think it's more of a bullish triangle here.
Volume has been sloping downwards which is a normal sign, once we see some more buying volume we can expect a breakout.
MACD still looks indecisive so not much we can read from that. The 1hr MACD looks a bit better but still no confirmation to be seen yet.
If we see some green candles and it bounces from the resistance I wouldn't be surprised if it immediately broke out.
If you get in the trade now set some tight stops since BTC can still move the market.
Targets and possible resistances are on the fib.
If you like my analysis consider following me on twitter: www.twitter.com/cryptoniter I post my thoughts and charts from time to time.
Comment:
BTC moved which made it break the support but this is a good example why stop losses are detrimental if you don't want to lose too much.