APTOS Cryptocurrency SHORT Opportunity | 40% Downside Potential The APTOS Cryptocurrency or APT coin looks ready for a huge fall.
The coin is currently trading below the support level of 9.42-9.77. But to execute the short, we need to first wait for Daily Candle close below.
It is always better to wait for the candle close, as sometimes the price reverses and creates a wick.
Also, observe how price was making lower highs into the support which signifies sellers are getting strong and buyers are weak. The price action forms a DESCENDING TRIANGLE which is a bearish pattern if breaks down.
PLAN TO EXECUTE THE SHORT SETUP
-Wait for the daily candle ( 6/5/2023) to close below the support area.
- Once the candle closes below support, enter into short position with half the risk per trade you usually take. Support if you take 5% risk per trade, then take 2.5% in this entry
- Enter another half on retest of support as new resistance. You may place a short order in advance or wait for the price to come there and give another short signal ( depends on you trading strategy)
Stop Loss- Above 10.15
Targets:-
1. 7.6
2. 5.6
THIS IS A SWING TRADE
Keep trailing your stop loss
Let me know in the comments section if you want me to analyse any other cryptocurrency.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
