Here we can see how APTUSDT (Aptos) already produced the last and final jump. Each time a wave reaches its end there tends to be one final shakeout, a strong wick or something unusual to complete the move.
Here this happened with a long upper wick 22-October, after this date, we start to see lower right away. We can see volume rising and declining and we know the drop is in.
How far down can it go?
The wick in August produced a price lower than the support range that was activated in October 2023, but the session closed ended up higher. Seeing that we have more than two months of consolidation on that support level and the strong reversal in August, it is likely that this level can hold on the next drop. If the mark is really weak it can break but this would require several challenges of support. Since we are expecting a fast drop, this is likely our low.
It also depends on how active traders become; leverage, buyers and so on. If too many people buy too fast, the bots might adapt and continue to sell. If people re-enter the trade slowly, the pair can recover right away.
Regardless of how things go, we are expecting only one strong final drop before the market turns.
All is good. We know what to expect so we can prepare.
Thank you for reading.
Namaste.
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