SHIBUSD daily short
Updated
SHIBUSD has currently been locked in a descending trend since its recent ATH. I expect this trend to persist as indicated in the chart. Supports and potential reversal points are 0.00005484~, 0.00005068~, and last potential support before major support at 0.00004796~. A reversal at the first potential area would follow with an ascending pattern in between the purple lines. While a reversal at the EMA would consist of a similar pattern. Lastly, if the trend persisted until the last potential support or major support a trend between the upper purple line and major support may play out. Depending on the state of the crypto market any of these could mark a reversal and potential entry point. Green line indicates major support. Blue lines indicate current channel. Purple lines indicate potential reversal channel. Red line indicate resistance areas. Black line indicates potential support/reversal area. Thick red line indicates EMA. This is not financial advice, trade wisely and use your own due diligence.
Note
Seems like the first support was successful and is currently tracking in the anticipated reversal channel. For time being, if the purple channel is maintained, take profit would be areas where upper purple line is reached and reentry points would be at lower purple line. A stop loss should be used in tandem with lower purple line along with personal risk tolerance.Note
Spoke too soon. Looks like first support lost its strength and will continue with downtrend. EMA 20 would be next solid supportTrade closed: target reached
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