After the bears broke the last low in gray, APE has been overall bearish making lower lows and lower highs.
Last week, APE rejected the 5.0 round number, however, we are not bullish yet.
For the bulls / apes to take over, we need a break above the previous high AND above the 10.0 zone acting as a resistance.
Once we have this break (projection in purple) then we will be looking for buy setups on the 10.0 zone retest.
Meanwhile, the bears can still reject the 10.0 zone for another bearish impulse movement till around the 5.0 zone.
In this case, we will be looking for buy setups on lower timeframes as price approaches the 5.0
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
