• Bitcoin [BTC] has traded in the $21.6k region over the past few days and is determined to defend this support level.
• ApeCoin [APE] is currently in a deep retracement, but an uptrend from mid-January will not be broken until it falls beneath $4-$4.5.
• There have been large spikes in the amount of APE transferred into exchanges recently, suggesting there might have been profit-taking after 20 January.
Overview
The market structure was flipped to bearish, with momentum favoring sellers. Bitcoin [BTC] has traded around the $21.6k region over the past few days, with buyers determined to defend this support level. ApeCoin [APE] is currently in a deep retracement, and an uptrend from mid-January will not be broken until it falls beneath $4-$4.5. On the other hand, there have been large spikes in the amount of APE transferred into exchanges recently, suggesting there might have been profit-taking after 20 January.
Bitcoin Price Action
Bitcoin has seen some stability around its current price level of $21.6k over the past few days, with buyers determined to defend this support level against any downward momentum from sellers. Beneath this area lies little significant support levels until $20k and $19.6k respectively should a price drop occur below these levels.
ApeCoin Price Action
ApeCoin [APE] has seen a deep retracement since mid-January when its market structure was broken upon falling beneath $5.29 USDT on TradingView’s charting tool. However, a bullish order block extending from $4 – 495 still remains intact and could potentially signal an incoming reversal if prices fall below these levels again before continuing their descent beyond that point down towards lower supports at around 4$. Furthermore, both RSI (Relative Strength Index) and OBV (On Balance Volume) metrics remain relatively neutral for now despite recent selling pressure across multiple exchanges keeping APE’s 30 day MVRV ratio within negative territory as seen on Santiment’s platform which signifies that profit taking may already be complete for now at least according to current data analysis methods used by traders today..
Realistic Market Capitalization Estimate
If Bitcoin sees another rally soon as many analysts are predicting then it could potentially mean good news for ApeCoin holders if they decide to hold onto their coins rather than sell them off during times of turbulence or uncertainty across markets due to their direct correlation between each other’s movements in terms of pricing action & general sentiment surrounding both assets..
Conclusion
Although ApeCoin’s outlook still appears bearish right now given recent events & market data analysis metrics showing us that buying or selling pressure could go either way depending on how Bitcoin performs going forward throughout 2021 making it difficult for any trader or investor alike to accurately predict what direction prices may move next without taking extensive risk upon themselves within such volatile markets so please always do your own research & only invest what you can afford to lose before entering any trades whatsoever no matter how confident one may feel about any particular asset class at any given moment in time..