SHIB Homework Analysis
SHIB changes market and heads back into the .618/0.768 range and then drops down, as expected. Target is the -0.618 range.
It appears that resistance is forming around the 0.00008000 level, with perhaps a double top at the 0.618 level (unsure what that means, but seems relevant).
A short position is now in profit, I would move the stop loss from 0.88 level to 0.786, so that if a trend reversal happens, the position will still profit. TP still at -0.618.
No divergences between RSI and Price are spotted, and RSI alone looks like its bouncing off the 40 a couple of times.
2 conclusions here: this could continue to range tween 0 level (as support) and 0.618 (as resistance) or conclusion 2 is that we see a continuation of the down tend towards -0.618 levels.
Leaning towards the former.
It appears that resistance is forming around the 0.00008000 level, with perhaps a double top at the 0.618 level (unsure what that means, but seems relevant).
A short position is now in profit, I would move the stop loss from 0.88 level to 0.786, so that if a trend reversal happens, the position will still profit. TP still at -0.618.
No divergences between RSI and Price are spotted, and RSI alone looks like its bouncing off the 40 a couple of times.
2 conclusions here: this could continue to range tween 0 level (as support) and 0.618 (as resistance) or conclusion 2 is that we see a continuation of the down tend towards -0.618 levels.
Leaning towards the former.
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