Technical analysis by Shepherd_Investor about Symbol APE: Buy recommendation (1/16/2024)

OverviewI recently cancelled one of my other ApeCoin projections where I believed a Three Hills & a Mountain pattern was forming. The second hill became a head and now a bearish Head & Shoulders is in progress. However, I am still bullish on the token because if the H&S is valid and the price is rejected back to $1.00 then this could become a setup for a medium-to-long term double bottom formation.Head & ShouldersThe H&S can be seen on both the hourly and daily charts. The right shoulder is currently in development with a descending wedge that may squeeze the value back up to a resistance around $1.55. Should the ceiling be strong enough to extinguish any momentum that APEUSD may garner then a correction back to $1.00 is probable.However, if support is significant enough at this $1.00 level then this will become the second leg for the double bottom pattern.Double Bottom ProjectionThere will be plenty of noise in-between that will facilitate short-term trades but I believe a price target near $6 is practical. This is near the same price target of a macro-Cup & Handle projection that I published a few weeks ago.