Bottom in? SHIB broke out of the falling wedges and currently sitting @ Support 2900-2600. Resistances 4000 and ~5500.
Check my other stuff in related ideas.
Please smash the lick button👍, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Check my other stuff in related ideas.
Please smash the lick button👍, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Note
Forgot to mention that the TD Sequential printed red "9" few bars ago (see pic below) which indicates reversal to the upside.Note
Also check the DOGE vs SHIB comparison.👇 Is DOGE better buy than SHIB currently?
Note
So the price actually dropped down (broke the support) just to:- backtest the previously broken upper edge of falling wedge (long yellow trendline)
- re-test the lower edge of falling wedge (orange trendline)
- consolidate in form of triangle right below the lower edge of falling wedge (short yellow trendline).
Now SHIB also wrestling with pink downtrendline. We need to break above, then another hurdle would be the former suppport 2600-2900 which flipped into resistance. Also notice the thick lime uptrendline which should act as suppport in case of re-testing the low.
Note
Closer look at the price action:Note
SHIB broke up the pink downtrendline and also the triangle, backtested the triangle upper edge and then rockteted big time!🚀 Then broke the 2600-2900 resistance which should flip into support now, let's see if price goes down to test it.Note
So price went down, tested the S/R 2900-2600 zone which held for a few days. Then dropped down below and stayed there till today. I think of this S/R zone as sort of pivot around which the price oscillates until it decides the direction of next big move - which will be up imo. SHIB almost kissed the lime uptrendline again. Now needs to break the blue downtrendline for further upside. Next hurdle being S/R zone. Price could follow the red uptrendline. Note
The blue downtrendline being broken right now. New trade setup down below 👇
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.