Shorted SHIBA at market and looking for us to retest the current liquidity resting at the lows. Overall bearish sentiment remains the same based on DXY pushing higher and BTC not doing much so far.
Overall plan is clear and simple and could be considered a classic 'break and retest before going lower' type of trade. Unfortunately, there is not much to take out from the candlestick data from BYBIT for SHIBA so we will have to do with what we have.
IF you are confident and want to make it a long term trade (weeks/months) you can possibly hold it towards 0.005000$ but I would rather keep it simple for now and not become overzealous.
IF we reclaim and hold above 0.007500$ I will look to reduce my position.
Entry market
TP 0.006425$
TP 0.005450$
TP (weekly-monthly traders) 0.007500$
SL above current highs sitting around 0.007820$
Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Overall plan is clear and simple and could be considered a classic 'break and retest before going lower' type of trade. Unfortunately, there is not much to take out from the candlestick data from BYBIT for SHIBA so we will have to do with what we have.
IF you are confident and want to make it a long term trade (weeks/months) you can possibly hold it towards 0.005000$ but I would rather keep it simple for now and not become overzealous.
IF we reclaim and hold above 0.007500$ I will look to reduce my position.
Entry market
TP 0.006425$
TP 0.005450$
TP (weekly-monthly traders) 0.007500$
SL above current highs sitting around 0.007820$
Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
