#SHIB Shiba Inu - Massive Correction Soon?
Today I am charting Shiba Inu (SHIB) on a daily linear chart.
The current price is inside of a parallel channel since the end of October 2021. Every time the price drops below the median in the channel (body not wick), it generally touches the bottom of the channel.
Concern: The price has broken down from the trendline which started in early October 2021. If the price does not get back above the trendline, we may see more downside very soon.
Concern: The RSI is hovering right above the 47 level which it hasn't broken since mid-September 2021.
Concern: There is a multi-day bearish divergence as outlined by the red trendlines and the price has broken down.
In the red ovals I show where the price may be supported at the 0.236 fib level at $0.00002737 price which is about a 42% price drop from the current price.
What are your opinions on this? I love reading your comments below.
Check out more below for recent Altcoin, Bitcoin and Stock Ideas.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoin
The current price is inside of a parallel channel since the end of October 2021. Every time the price drops below the median in the channel (body not wick), it generally touches the bottom of the channel.
Concern: The price has broken down from the trendline which started in early October 2021. If the price does not get back above the trendline, we may see more downside very soon.
Concern: The RSI is hovering right above the 47 level which it hasn't broken since mid-September 2021.
Concern: There is a multi-day bearish divergence as outlined by the red trendlines and the price has broken down.
In the red ovals I show where the price may be supported at the 0.236 fib level at $0.00002737 price which is about a 42% price drop from the current price.
What are your opinions on this? I love reading your comments below.
Check out more below for recent Altcoin, Bitcoin and Stock Ideas.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoin
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