ApeCoin (APEUSD) Bears Storm the Market With a Premium Array
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APEUSD Analysis – A Premium Array of Bears Storm the Market
APEUSD bears storm the market with a premium array. On December 12, 2022, the bears stormed the market with their sell orders and caused an expansion to the downside. However, this aligns with the overall direction of the market, as the market’s order flow is bearish.
APEUSD Significant Zones
Demand Zones: 2.610, 1.690
Supply Zones: 6.400, 27.790
On April 28, 2022, APEUSD retested the 27.790 supply zone, and since then, the market has been declining with great momentum. The decline was further expedited by the consolidation zone that formed during the downward delivery of prices in late May this year. The bearish mitigation block that was created on August 3, 2022, also contributed to the downward flow of the market. APEUSD kept sinking as the price moved from internal liquidity at the premium of each trading range to external liquidity at equal lows and swing lows.
APEUSD is typically characterized by breaks of structure to the downside, with each break of the structure being triggered by a premium array at each trading range. The current trading range as of now is defined by the two significant levels in the market: the 6.400 price level and the 2.610 price level. Recently, the market has become more premium to execute sell orders. The reversal level coincided with the 61.80% Fibonacci retracement level; this might likely be the reason for the massive crash as the price heads downward to break the 2.610 support.
Market Expectation
Following the Change of Character (CHOCH) to the downside on the four-hour chart, APEUSD dived into a bullish order block. The bullish order block is expected to cause the price to expand into the consolidation zone at the 61.80% retracement level, after which the market will resume its downtrend.
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