SHIB-USD 120 Fib Extension Targets

SHIB is finding support against the lower ascending triangle trendline and has completed its fourth wave. Fibonacci extension targets of .618, 1, and 1.618 outlined.

Entry ideas:
1. price action near rising lower trendline support
2. breakout of upper flat resistance trendline
3. retest of flat trendline support (after breakout)

DYOR - this idea is not intended to be financial advice.
-sobe_b52

Note

The rising lower trendline support has been adjusted and stop loss has been repositioned.

Entry ideas remain unchanged.

Note

Movement is imminent; either up or down...

Bollinger bands are tightening up and pattern is running out of runway.

Note

I've made one last adjustment to the lower ascending trendline with three touches on the wicks. If price action drops below the trendline, SHIB could see a correction to the following Fibonacci retracement points:
- .382 - .00003147
- .5 - .00002724
- .618 - .00002301
With BTC at ~69k, I’m optimistic that SHIB will continue to run. Should you enter, keep a stop loss in place based on your risk tolerance. The bollinger bands are tightening which leads me to believe there will be volatility soon.

Note

Price action is currently holding at the .382 level.
It would be best to wait for bitcoin to to decide the market trend.

Note

Price action bounced off the .382 fibonacci retracement level. There is hidden bullish divergence on the RSI and MACD oscillators.
The bears pushed the price down below the upper trendline.
Will this breakout or continue retracing?

sobe_b52

Disclaimer

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sobe_b52