Bounce back above level of support.The price bounced above the downward pressure since ATH. Downward pressure line is reset. Price being held for now. If it break through again, there could be a significant pump.
More likely, a correction from yesterday will occur as the level of support gets tested again.
No historically solid level of support exists between here and the ATH.
SHIBUSD trade ideas
Time to add to SHORT SHIBAThe owners of this dog just refuse to put it down! Each rally, far from being the fresh breath of hopium owners desire, has provided excellent short opportunities for months. This one is a clear pullback to test and hold Resistance and a good opportunity to add to the short where profit was taken at the start of January.
Crypto - Shiba Inu SHIBSHIB has been struck in a consolidation zone or some triangular pattern.
Long Position can be made in Shiba Inu
(Keeping in mind that Crypto is unregulated and huge dumping has been made in past. So, amount invested should be as per your portfolio and your Risk Management.)
- Crossed 50 EMA and showing positive movement.
- First Target @ 0.00027623 at 200 EMA.
# If it breaks, 200 EMA, Sharp Up-Move.
Refer 4H Chart.
BINANCE:SHIBUSDT
Possible tilt of the trend upwards but I don't see a breakoutThere just isn't enough volume for a breakout to occur over the downward pressure. The next 24-48 hours will tell if this pattern is reversed. With the IRS demanding records of crypto PURCHASES, I just don't see this happning.
If we don't stop this long-term trend, then by the last part of Feb we will be back to pre-oct '21 prices.
SHIBAUSD | Have we found our bottomHi everyone,
First of all unfortunately my first scenario was not validated, it happens and I hope that like me, you will adapt.
Then, as this new scenario goes up we are surely on our bottom of the wave 2 so much awaited.
Indeed, we have corrected to more than 0.786 of the Fibonacci retracement, this happens and can make us assume that our bottom is finally present.
However, let's be careful since it is not unlikely that we will correct beyond that to go for the 100% retracement.
To conclude, we note that bullish recovery signals are still missing to clearly define the trend.
However, I believe we have already corrected a lot, which gives us the opportunity, if we do the dollar cost average, to smooth out our entry prices.
We remain focused and above all we remain cautious.
Let's give SHIBA time to validate this analysis.
If you agree with this scenario let me know with a like.
Otherwise let me know your point of view with a comment, thank you !
(This is my own hypothesis and in no way suggests a buy or sell advice.)