SHIBUSD Major bullish break! Repeating 2021??Exactly 2 months ago we posted the following 'odd' idea after we found similarities between Shiba's (SHIBUSD) post-May 2022 price action with the May - September 2021 sequence:
The fractals looked identical, the RSI sequences too and the 2021 price action fit well inside the 2022 one.
Today Shiba broke above the Lower Highs trend-line that has been in effect since May 05 2022. The 1D RSI is extremely overbought but is on levels that compared to 2021 were after the break-out and closer to the Resistance test. It is reasonable to think that a 100% repeat of that fractal and sudden test of the 0.00003 Resistance in a few days is unrealistic to think without the fundamentals of October 2021 and since we are only at the start of the new Bull Cycle.
So a more pragmatic approach would be to use the previous Lower Highs, which as you see match fairly well with the Fibonacci retracement levels from the April 12 High.
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Shibasignals
SHIBUSDT Falling Wedge forming a Bottom*** ***
For this particular analysis on SHIBA we are using the SHIBUSDT symbol on the Phemex exchange.
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The idea is on the 1D time-frame where Shiba has been trading within a Falling Wedge pattern since the December 24 2021 High. The price has been trading near the pattern's Lower Lows trend-line since the May 12 Lower Low, being unable to stage a sustainable rebound. The longer it trades near that level, the more likely it is to attract buyers and form a bottom.
The immediate target is always the 1D MA50 (blue trend-line) and a closing above it takes us to the medium-term 1D MA100 (green trend-line). Only a break above the 1D MA200 (orange trend-line) can justify further buying, in which case we'll have a long-term bullish reversal into a new Bull Cycle.
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SHIBA Next Resistance test may be the last. +400% opportunity!This is an update to the Shiba (SHIBUSDT) pattern I published for SHIBUSDT on February 07:
As you see, the Resistance Zone held, the price got rejected on the 1D MA100 (green trend-line) and that pushed SHIBA back to its Support Zone where it started a tight consolidation within the two Zones. This consolidation pattern continues to mirror the very same June - September 2021 accumulation phase, which paved the way for the massive October rally. As you see, even the 1D LMACD sequences are identical.
In our opinion, the next test of the consolidation's Resistance level , will most likely be the last as it appears that Shiba is at the ver last stage of the 2021 consolidation. A 1D MA50/ MA100 Bullish Cross, would confirm that, much like it did on September 18th 2021 and right now the two trend-lines are as close together as they can be.
So far the top of the Channel Up (Fibonacci level 1.0) has been priced the two historic Highs. A similar rally means potentially a +400% profit potential from the current levels, above 0.00011 !!
Do you think it is worth waiting for a lower price and miss out on this potential rally?
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SHIBA Next Res test could be the last. Potential +400% move.This is an update to the pattern I published for SHIBUSDT on February 07:
As you see, the Resistance Zone held, the price got rejected on the 1D MA100 (green trend-line) and that pushed SHIBA back to its Support Zone. This consolidation pattern continues to mirror the very same June - September 2021 accumulation phase, which paved the way for the massive October rally. As you see, even the 1D RSI sequences are identical.
In our opinion, the next test of the consolidation's Resistance level, will most likely be the last. A 1D MA50/ MA100 Bullish Cross, would confirm that, much like it did on September 18th 2021.
So far the top of the Channel Up (Fibonacci level 1.0) has been priced the two historic Highs. A similar rally means potentially a +400% profit potential from the current levels, above 0.00011 !!
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SHIBA broke its 1DMA50. One Resistance left before All Time HighSHIBUSDT had approximately a +30% price increase yesterday that marginally broke above its 1D MA50 (blue trend-line) for the first time since December 01 2021. Today despite a higher reach, we see so far some profit taking which is expected after such rise.
During Shiba Inu's previous accumulation phase from June to September, when it broke the 1D MA50, it failed to deliver a rally to new All Time High (ATH) as the horizontal Resistance level of the Highs of the accumulation phase continued to reject any break-out attempt. Currently the symmetrical Resistance Zone appears to be roughly within 0.00003320 - 0.00003110. As long as the price is within that and the Support Zone, expect the accumulation phase to be extended. A break above the Resistance Zone, will most likely coincide with a break above the 1D MA100 (green trend-line). In that case I expect an aggressive and quick rally towards the 1.0 Fibonacci level and the previous ATH. A break above can even set a Higher High near the 1.236 Fib extension. Notice how similar the 1D RSI sequences are of the two accumulation phases.
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SHIBUSDT Technical Analysis⏳ Spot
💎 SHIBUSDT has broken above the bullish flag. After the rejection and retest the [previous resistance, it is expected to go to the upper band of the descending channel. after breaking above the channel we expect more bullish move
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💵 Invest Only 5% of your Portfolio
🎳 Entry/Pullback now or from 0.00004489 - 0.00004152
☕️ TP1 0.00004900
🍺 TP2 0.00005469
🍻 TP3 0.00005999
🍾 TP4 0.00006512
🍷 TP5 0.00007000
🍸 TP6
🍹 TP7
🎁 TP8
🚫 SL 0.00004152 - 0.00003839
Good Luck 🎲
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SHIBA 4H CHART NEAR FUTURE PREDICTIONSTechnical Analysis Summary
SHIB/USDT
TREND ANALYSIS
We have 1 downtrend which is currently active in red
FUTURE PREDICTIONS
We have many resistanse and support levels that I have mentioned above.
I use thickness as an indicator of stregth of levels (ONLY FOR VISUALS).
Yellow support level are levels from the past (more for explanation purposes rather than entry points)
Good luck everyone, stay safe!
If you need help don't hesitate to send me a message or comment
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SHIBUSDT Technical Analysis⏳ Spot
💎 SHIBUSDT has formed a Symmetrical triangle, after the breakout there is a potential that the prices goes for a retest and then continues the Bullish move.
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🏁 Short & Medium Term
💵 Invest Only 5% of your Portfolio
🎳 Entry at Market or at 0.00002960 - 0.00002850
☕️ TP1 0.00003333
🍺 TP2 0.00003900
🍻 TP3 0.00005050
🍾 TP4
🍷 TP5
🍸 TP6
🍹 TP7
🎁 TP8
🚫 SL 0.00002640
Good Luck 🎲
Check the Links in Description and If you LIKE this analysis, Please support our page and Ideas by hitting the LIKE 👍 button. ❤️ Your Support is really appreciated! ❤️
Traders, if you have your own opinion about it, please write your own in the comment box. We will be glad for this.
Feel free to request any pair/instrument analysis or ask any questions in the comment section below.
We will have more FREE forecasts in TradingView soon
Have a profitable day 😊👍🏻