ApeCoin (APE) price analysis for futures trading Sep 20th, 2022

Welcome back to the technical analysis blog, which this time discusses the movement of ApeCoin, which has experienced a significant increase in recent times. Whether with the movement in the past few days, ApeCoin is still able to continue its increase, or will there be a significant decline in the future, let's go straight to the chart analysis.

It can be seen that ApeCoin is in a strong trend going up in the 30m time frame, and there is also the formation of the SNRC1 pattern, which is a continuation pattern of a major trend, which is the bullish trend here. The price is currently correcting to the block order area, which is the entry point for SNRC1.

But we have to look for other confluences apart from the presence of SNRC1 at a time frame of 30m. Is there any confirmation also on a larger time frame that ApeCoin also has an alignment to continue its rise? Let's see below.

There is a trendline that has been broken on the 4h time frame, which is a strong indication that ApeCoin has escaped its downtrend and the price has also formed a new higher high. So it can be concluded that in a large time frame, ApeCoin has already broken out and is making corrections towards the nearest minor support or demand zone, which is at SNRC1, which we saw in the 30m time frame.

It has been seen on the 30m time frame and also the 4h time frame that Apecoin has broken out and is also making corrections before continuing its increase. However, it should be noted that this is only an increase for the short term.

To add another reason, I use Fibonacci to make sure that the area of the reflection in the SNRC1 pattern is indeed in the golden ratio level zone. And it turns out that the golden ratio area is in the order block, where the area was previously a resistance and is now a support area, as shown below.

Okay, that's all my views for ApeCoin, and here I am pretty sure to be bullish for some of the reasons I explained above. positions in the futures market can be followed as below.

• Entry : 5.570$
• Stoploss : 5.410$
• Take profit : 6.246$
• Maximum Take Profit : 6.608

Keep in mind that my analysis is specifically for market derivatives, but if it is used for the spot market, I don't recommend it this time, because the distance to take profit is only 12.5% of the price movement.

REMINDER

Although the analysis that we find provides a lot of confirmation, it must be remembered to keep trading risks. I don't get bored. I always remind you this because this is very important and crucial when we trade in the futures market. Risk, risk, and risk. So use 1% of your total equity to risk loss if this analysis fails, and when it fails, we only lose 1% of equity. And for rewards, I see there is a potential reward from this analysis of 1: 4.2, and this is a very good derivative trading reward.

Okay, that's all from me. Thank you to friends who have taken the time to read this article. Oh yes. For data analysis, I take the data from the chart Bybit.

And also for admins and moderators. @steem-database I hope that this post on technical analysis can help friends in this community learn about the crypto futures market, as well as serve as a means of sharing analysis and, hopefully, be useful.

The reward from this article will be donated 25% to @null for the development of the Steemit community.

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