CryptoTowed

CryptoTowed

Shib continue to follow the long term downward trend. The recent spike is part of the regular bouncing that shib goes through before settling back down into the previous trend.

CryptoTowed

It doesn't look like volume is high enough to bounce the price significantly. Bitcoin needs it have a good day for it to happen. If the price does bounce, it could be temporary because of that ever ominous resistance trend since the ATH. Volume is needed to get past that red line.

CryptoTowed

Look at that shit. My line perfect. Follow it and you can know when to sell your swing trades.

CryptoTowed

As predicted, the price bounced down. Let's see if the consolidation sparks some bull buys this morning.

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If this follows the same pattern of bouncing down off the trend resistance, we will see an overnight drop. Great for a morning USA bullrun.

CryptoTowed

The bulls are currently held back by the downward pressure from the ATH. The problem is that there isn't a very solid floor between this price and the ATH. Large upward movements like this are not desirable as the lack of support will almost certainly be answered by massive consolidation. Currently, so many people are looking to exit their positions that any...

CryptoTowed

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.

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There 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.

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Sorry folks .. couldn't get past the trend line of resistance.

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If it bounces off what I'm calling a subfloor again then I'll change the dashed line to a solid. It remains to be seen if this price alhas any real support. This will play out during this next move down. I do not call these dips because the price has been on a steady trend downwards since the ATH.

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As we can see, the floor gave way. As predicted, if the floor gave way, there is little support and the price would drops significantly.

CryptoTowed

Somewhere around Feb 10 we will be back to the price we nearly clotheslined for all of 2021 previous to the start of October.

CryptoTowed

Another round is inbound as we will test the trend against the floor. Which side will hold? Time will tell but if the floor holds the trend wedge will tilt up. If the floor breaks, then the wedge will hold its current position, leading to a continuation in the rate decline since the peak as the price continues to follow the trend.

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Here we are at our second round of floor vs resistance. The floor won the previous round. If it holds in round 2, Shib will see another rise and tilting of the resistance wedge upward. If it loses, Shib could see steep drops as we saw several days ago. If SHIB holds flat we will see a (natural) tilting up of the wedge but a prolong battle with the floor has...

CryptoTowed

SHIB reached the upper floor and trend line of resistance at nearly the same moment. This resulted in a pump on the price and tilting the lines of resistance upwards. This resistance vs floor battle happens again in the near future.

CryptoTowed

So now we have broken out of the previous wedge. What's different than the Christmas Eve breakout is that this is above the floor. Downward pressure still exists. In the next publish the wedge will be tilt it up to match the new trend.

CryptoTowed

The trend continues to be true. The floor had no effect on the overall pattern of decline on the 4 hr chart. SHIB is rushing back down to early-mid 2021 prices.

CryptoTowed

We are not below the pre-spike level of support. There is nothing to support the price from dropping to pre-sept '21 levels.