API3 BULLISH PENNANT PATTERN

29. Jan.

Throughout this week, API3USDT had a gain of more than 50% in a span of two days as of this writing.

Currently, the coin is moving sideways after a major bullish move and is expected that the price will consolidate and wait for a possible bullish pattern- true enough we saw a bullish pennant.

I will update my chart analysis for API3 in the chart on the idea threads below. Happy trading!

29. Jan.

Anmerkung

Take note of this price label. On a bigger picture, it is currently the strong resistance for API3-once a support trendline dating back in 2022.

29. Jan.

Anmerkung

UPDATE!!!

29. Jan.

Anmerkung

Add price alert of $3.241.

29. Jan.

Anmerkung

29. Jan.

Anmerkung

To add, I will consider $3.345 as the neckline for a possible bullish fractal play and the labeled take profit of $3.8 was actually a Fib area (1.236-in yellow text) upon plotting the retracement from the swing high and swing low of the current movement.

29. Jan.

Anmerkung

Minutes after the bull pennant breakout, the resistance is currently showing firmness. For now, it's a waiting game for API3.
Note:
- Set price alert on $3.241 for a possible bull play.
- Support identification (ic of breakdown).

29. Jan.

Anmerkung

Overall chart summary for API3:

1.) Price is on the 3.241 priceline, which is a strong resistance line. Major bullish move can happen if a breakout happens.
2.) Waiting game! For either a possible bull pattern or a trendline breakout.
3.) $3.8 (0.618/1.236 Fib line) would be the possible take profit for a potential breakout play.
4.) If price breaks down on the 382 support, it would probably hit the next Fib level (0.5) or on the diagonal trendline.

30. Jan.

Anmerkung

Price is still moving sideways and observe a trendline breakdown and hit the 0.618. If you want to trade this coin, enter if it breaks and candle confirms for a potential mini trendline breakdown play.
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30. Jan.

Anmerkung

31. Jan.

Anmerkung

Add alert on the price of $2.714 or the 382 support. A possible head and shoulders pattern could materialize upon breakdown.

31. Jan.

Anmerkung

Potential TP areas if a breakdown happen:

tp1: 0.5 mini resistance
tp2: either the diagonal support or the 618 resistance
tp3: 0.5 major resistance trendline

2. Feb.

Anmerkung

Four days ago, I posted the chart summary for API3 and highlighted the points to consider. One of those points was to wait for a bull pattern. Zooming out, the coin is forming a cup and handle. Still consider the 3.24 resistance as it still resists breakout. Only enter once the candles are confirmed (preferrably on an 1H chart).

2. Feb.

Anmerkung

Currently the price is above the resistance and waiting for the next hourly candle. Btw, to those who ask me on X you can consider this neckline as well :)

2. Feb.

Trade ist aktiv

Entered a long trade for API3.

6. Feb.

Trade geschlossen: Stop wurde erreicht

Apologies for the late updates because of personal events.

Here is the breakdown for the trade: Manually stop upon breakdown of the plotted trendline thus, the breakout and the cup handle pattern did not materialize as of this time because of low buying (weekend at the time of the trade) and as well as the breakdown to the price line of 3.241 showing conviction once again.



From an intraday perspective, I have bear bias based on the recent rejection of the plotted diagonal trendline. I would like to share my journal for API3 trade.



Happy trading!