ðĨ APE Dead-Cat Bounce: Bearish Triangle Capitulation
Recently I made an analysis on APE where I explained that we were trading in a dead-cat area and that more bearish price action was soon to follow.
Congratulations if you shorted APE from the dead-cat area. Our first target area of $5.7 has been reached and we're moving rapidly to the second target area of $4.
In order for this to happen we should first break out of the bearish triangle pattern. The biggest support lies around $5.10, if we manage to fall through there I expect we will soon fall to $4 or even lower.
Congratulations if you shorted APE from the dead-cat area. Our first target area of $5.7 has been reached and we're moving rapidly to the second target area of $4.
In order for this to happen we should first break out of the bearish triangle pattern. The biggest support lies around $5.10, if we manage to fall through there I expect we will soon fall to $4 or even lower.
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