Ironman8848

SHIBUSD - W1/D1 - PIVOT LEVELS !

FTX:SHIBUSD   Shiba Inu / USD
DAILY :
50 % Fibonacci retracement @ 0.00004689 has been filled. Currently traded around an important key pivot level @ 0.00004890 ( MBB ) !!!
Indeed, a failure to stay and hold on a daily closing observation above this level would be the first warning signal, calling for further downside. Next
significant support level being @ 0.00003702

WEEKLY :
Dark cloud cover pattern in progress ! A weekly closing below 0.5153 would confirm this pattern which also would be seen as an additional warning bearish signal; I would
add that a weekly closing below 0.00004689 ( TS & KS cluster) would also add further selling pressure which should accelerate the downside move calling for 0.00003702 which
is also roughly the opening level of the long white bullish candle of the previous week (Opening @ 0.00003604 and Closing @ 0.00006706 with an intraweek high @ 0.00008870 !)

CONCLUSION .
Watch 0.00004890 on a daily closing basis and 0.00005153 & 0.00004689 on a weekly basis.
In the meantine, watch also carefully price action on shorter intraday time frames which will help you to get intermediate clues (validation or invalidation !) in allowing you to act accordingly.

Have a nice Friday.

Al the best

Take care

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Ironman8848

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/