TradeCityPro | APEUSDT Calm in the NFT Market👋 Welcome to TradeCityPro Channel!
Let’s analyze one of the most well-known coins in the NFT space, which instantly reminds us of the NFT market whenever mentioned.
🌐 Overview Bitcoin
As usual, before starting the analysis, let’s take a look at Bitcoin on the 1-hour timeframe, where it seems the 92722 support has been faked. On the 4-hour timeframe, a good engulfing candle is forming near the year-end, which could be a positive sign.
Today's daily candle is very important. If it closes with good volume, we might consider a risky entry while keeping an eye on the market. If Bitcoin dominance rises, we might see Bitcoin's upward movement toward 115K, and if dominance falls, the altcoin market could offer better opportunities!
📊 Weekly Timeframe
In the weekly timeframe, we can see APE has risen from its last support at 0.557, finally showing signs of life and activity, which is promising for the NFT market, although more active projects like BLUR exist.
After being rejected from 1.883, the resistance level shifts to 2.335, which could mark the breakout point of the weekly box. Breaking this level could act as a trigger for buying, with a stop loss at 0.892.
If 0.892 breaks, it’s logical to set your stop loss below 0.557. Even if you are holding from before, it makes sense to exit your position and cash out below this level.
📈 Daily Timeframe
On the daily timeframe, after the break of 0.894, it was possible to buy with either a Risky stop loss at 0.67 , Secure stop loss at 0.545
If this trade was taken, it would have been reasonable to exit the initial investment at 1.943. If not, it’s better to currently do nothing and let the stop loss hit.
For re-entry, I’d likely wait for 1.943 or 1.269 to break while watching for capital inflow into the NFT market. Personally, I’d focus on other coins in the NFT space with newer features.
During the upward movement, volume increased, and during the correction, volume decreased, which is a positive sign for the bullish trend. Unlike some coins that returned to their daily boxes, APE hasn’t, which makes it slightly more bullish.
⏱ 4-Hour Timeframe
In the 4-hour timeframe, after the drop and rejection from 1.903, sellers are currently active, and the coin is within a box that defines its next move.
📈 Long Position Trigger
The strategy is clear—wait for a break of 1.280 with increased volume to open a long position. Be mindful of market conditions and manage risk with smaller position sizes. The current 4-hour candle looks promising.
📉 Short Position Trigger
After breaking 1.174, a short position can be opened with a target of 1.024, but use a tight stop loss. Once you hit your desired risk-to-reward ratio, manage the position or take profits quickly.
If stopped out, take a temporary break from the market.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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