Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- Aptos market structure was once again bullish on the 4-hour chart.
- The break in the structure was followed by a rapid rise showing that bullish intent was strong.
Aptos [APT] registered an important development on the price chart today. It broke past $8, which was both a psychological resistance and the previous June 23 lower high. Combined with the lower bullishness in the time frame, it seemed likely that APT could post strong gains in July.
Read Aptos’ [APT] Price Forecast 2023-24
However, the $8-$8.6 region represented a strong resistance zone on the daily time frame. The $8-$8.36 was also a bearish order block on the 4-hour chart. Can APT bulls break through this convergence of resistances?
Aptos bulls break the structure to rise and pump prices into a zone of resistance
![Aptos [APT] meets stiff resistance above $8, but bulls remain dominant](https://statics.ambcrypto.com/wp-content/uploads/2023/07/PP-3-APT-price.png)
Source: APT/USDT on TradingView
The bullish breaks are marked by the green lines and the bearish by the orange line. The highlight is that APT bulls did not look back after turning the market structure bullish. Instead, they pushed prices straight up.
The price registered gains of 9.3% within a single 4-hour trading session. A few hours prior to writing, APT appeared to be stalling at the USD 8.33 level. Therefore, it was used to plot a series of Fibonacci retracement levels. However, if Aptos chooses to move up the ranks, the plot will have to be revised.
Based on the available evidence, APT buyers can look for opportunities on a retest of the 50% or 61.8% retracement levels. They are at $7.717 and $7.57, and the latter was where the market structure turned bullish.
Given the imbalance created by the surge from $7.57 to $8.15, a revisit to this zone could be worth a look. The RSI stood at 72 and showed overbought conditions, dictating no imminent pullback. Meanwhile, the OBV was in a slow upward trend, highlighting the steady demand behind APT.
Heavy capital inflows into the futures market reinforce the idea of optimistic sentiment
![Aptos [APT] meets stiff resistance above $8, but bulls remain dominant](https://statics.ambcrypto.com/wp-content/uploads/2023/07/PP-3-APT-coinalyze.png)
Source: Coin analysis
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The spot CVD fell sharply higher as prices rose, but there has been some selling pressure in recent hours. Open Interest continued to rise along with prices and the funding ratio remained solidly positive.
Taken together, Coinalyze data showed that short-term sentiment was in favor of buyers and has not yet begun to shift. Combined with the price action, it looked like Aptos could be aiming for further gains this week.
