APT Analysis: Testing Resistance with Bearish Bias

Feb 10

💎 APT is currently testing the resistance trendline of a descending channel. Additionally, a closer look at the candles reveals that red candles are larger than green ones, suggesting a higher likelihood of a bearish trend.


💎The price is also indicating CHoCH, and it's currently at the bearish OB, coinciding with the Fibonacci 0.618 level and the resistance trendline of the descending channel. These factors collectively support a bearish outlook for APT at this level.


💎For confirmation of the bearish scenario, we would ideally need to see a bearish engulfing candlestick pattern. Previous price action has shown bearish reversals following such patterns at every low-high point.


💎However, if the price manages to break above the bearish OB, we may witness a bullish movement. Still, it's important to exercise caution as such moves can be deceptive. Therefore, I would advise against considering bullish scenarios for APTUSD at this juncture.