๐ฅ Aptos APT Low Risk High Reward Reversal: Parallel Channel
APT has been in a steady decline since late January. It was to be expected that APT needed time to cool off after a 6x in a very short time.
In my view, APT is more likely to have bottomed than ever before since the 20 dollar top in January.
- APT has hit oversold on the daily RSI. This is classically a time where bears take long-term profits and bulls make long-term entries, leading to bullish pressure.
- The bottom support has held. The bottom support line is a direct copy of the top resistance, making this pattern a parallel channel.
I'm not anticipating a move back towards the top resistance, but this this definitely a great area to start a bounce. Targets in blue.
In my view, APT is more likely to have bottomed than ever before since the 20 dollar top in January.
- APT has hit oversold on the daily RSI. This is classically a time where bears take long-term profits and bulls make long-term entries, leading to bullish pressure.
- The bottom support has held. The bottom support line is a direct copy of the top resistance, making this pattern a parallel channel.
I'm not anticipating a move back towards the top resistance, but this this definitely a great area to start a bounce. Targets in blue.
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