There could be one more potentially leg down on Aptos...
' *Price Uber Allies* ' as Germans would say! Which means Price over Everything. We should not look at Fundamental Narratives & place our Trading/Investing Decisions as they more often than always put us on the wrong side of the Market. Price Action always leads ahead of any Fundamental News.
Anyways that's a topic for another day discussion.
TradingView has a very good feature so that anyone could publish Stock Ideas about a Particular Market. When I see latest ideas of Aptos right now all I see is just Bullish Setups (which I totally respect that & it could happen that this is the Final low at 5.4$ before we see it hitting all time Highs again. Don't get me wrong here these could be very smart, intelligent, sophisticated & talented people. They could be completely right about it but I just happen to very humbly disagree with them.
My main reason for disagreement is that when looked at the Long Term especially on Weekly's it still is in a Down-Trend. We just see it making a Lower Low every now & then. It becomes very important that you become Patient & not FOMO in because being Patience is key as so many good Traders say that you might already know that.
My Bearish Targets for Aptos is at 4$ because it is a Psychological level & this could be the real bottom.
When I'm wrong? My Bearish Outlook would certainly be confirmed if we see a sustained break below 5.4$ level also there is not a lot of backing of support so 4$ seems to me a very logical place it would fall. So as long as this KEY LEVEL at 5.4$ is being protected Bulls are certainly in control. There is a Brilliant Quote 'Bull Markets climb a wall of wary, while Bear Markets slide down a Slope of Hope' so maybe I might be wrong too here & all those Bullish Analysts are correct. Let's see it would certainly be quite interesting to see how things will look ahead especially we will get our another Monthly Candle close so more potential clues?
What do you think about my Bearish Outlook? Do you think I'm completely wrong here & overthinking a lot let me know if you can more than happy to hear what is going on in your head too. Thank you for reading all of this..😇
Anyways that's a topic for another day discussion.
TradingView has a very good feature so that anyone could publish Stock Ideas about a Particular Market. When I see latest ideas of Aptos right now all I see is just Bullish Setups (which I totally respect that & it could happen that this is the Final low at 5.4$ before we see it hitting all time Highs again. Don't get me wrong here these could be very smart, intelligent, sophisticated & talented people. They could be completely right about it but I just happen to very humbly disagree with them.
My main reason for disagreement is that when looked at the Long Term especially on Weekly's it still is in a Down-Trend. We just see it making a Lower Low every now & then. It becomes very important that you become Patient & not FOMO in because being Patience is key as so many good Traders say that you might already know that.
My Bearish Targets for Aptos is at 4$ because it is a Psychological level & this could be the real bottom.
When I'm wrong? My Bearish Outlook would certainly be confirmed if we see a sustained break below 5.4$ level also there is not a lot of backing of support so 4$ seems to me a very logical place it would fall. So as long as this KEY LEVEL at 5.4$ is being protected Bulls are certainly in control. There is a Brilliant Quote 'Bull Markets climb a wall of wary, while Bear Markets slide down a Slope of Hope' so maybe I might be wrong too here & all those Bullish Analysts are correct. Let's see it would certainly be quite interesting to see how things will look ahead especially we will get our another Monthly Candle close so more potential clues?
What do you think about my Bearish Outlook? Do you think I'm completely wrong here & overthinking a lot let me know if you can more than happy to hear what is going on in your head too. Thank you for reading all of this..😇
Note
Seems like we will test 6$ soon. It was clearly a Corrective Pattern. Let's see but at the moment 5.5$ hasn't yet taken out but, so it is important that a break of 5.5$ level should happen before we pass any judgment so that Price could potentially fall in the territory of 4$. Let's see it is confusing & tricky as always with Financial Markets we can never have any kind of certainty whatsoever lol :)Note
'The Plan is unfolding as it was expected'There was some Microsoft News related to Aptos idk some Partnership going on between both of them on 9th of Aug. The Price rocketed 15% in a single minute so the news indeed had a positive reaction on the price but whenever price becomes too much overextended in a short period of time usually it retraces back to the averages. So many naive people infact started to post lots of Bullish Potential Scenarios but I was cautious and did had my suspicion on the sudden price hike. You see since that news the Price has fallen a lot and overall Nothing has changed it still remains in a very strong overall downtrend. And the Rally on 9th of Aug was just a Strong, Counter-Trend Rally. And it was indeed a False Breakout Scenario not a Impulsive Pattern. And that's the thing honestly Good Traders/Investors should be Realist never ever believe in Fundamentals. Always believe in Price Action if you could because if you were to use Fundamentals on 9th of Aug you be like Oh! Yeah the Future looks good but you see now how this Fundamental News/Event would get you on the wrong side of the Market so never ever believe that. Still a lot of people will disagree with me here and say that I am wrong. This Age Old Myth needs to die! I hope but you are smart enough to acknowledge the difference between right & wrong. By the way let's see how long 5.5$ level still acts as a Support. As always I could be wrong on my 4$ call too because there is no certainty here in Financial Markets. At the end all we are dealing with is Probabilities & Possibilities.
Note
Woke up this morning 5.5$ level of June has been successfully broken which leaves the room to retrace it even lower. Not trying to show off or anything please don't take my updates in a bad way. I also make sometimes very stupid calls too as I'm not perfect and maybe I'm still not maybe because of BTC dropping it has also triggered massive selling off in many many Alts. But yeah let's see.
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