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.
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Forgot to mention that the TD Sequential printed red "9" few bars ago (see pic below) which indicates reversal to the upside.
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Also check the DOGE vs SHIB comparison.👇 Is DOGE better buy than SHIB currently?
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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.
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Closer look at the price action:
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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.
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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.
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The blue downtrendline being broken right now. New trade setup down below 👇
Let me paint a different picture. On W chart, SHIB has been doing nothing else than bleeding out for months since the ATH (minus an occasional break-out, which faded away pretty soon). The target for SHIB is around 500-800 sats. (Yes, HUNDRED, not THOUSAND.) First, the clear descending triangle between OCT ATH and NOV lows, followed then by further slow bleed into 2022. The logic behind move can be seen in Volume: most ppl acquired SHIB in two price zones, 900-2700, and 3300-ATH. The second group already lost their money after SHIB bled out to 2800 area. When the price dips deeper into 900-2700 range, the buyers who purchased in this area will finally (!!) realize that they are the next and will try to sell before also their money are gone. When this group starts selling, the price will collapse under 900 quickly. (Of course, if BTC reboounds strongly, then SHIB will follow like a good dog follows its master, and may temporarily go lil bit up. But that does not change the big picture as described above.) Other scenarios just a hopium. DISCLAIMER: not a financial advice. If you dont like my post coz you are invested in SHIB or are a believer in the project, that is your problem, not mine. I just analyse the charts.
bizmark
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@mr_lu, thanks for your detailed opinion. I got what you are saying, but transferring your words into chart would be great way of visualisation of the idea. Anyway as long as SHIB holds the 2900-2600 support it's bullish from my point of view. But as always only time will tell...
mr_lu
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@bizmark, it seems my “bleed slowly to oblivion” scenario has been slowwly fulfilling in the last 3 weeks since my original post. DOGE the same. Not surprising given that there is absolutely NO fundamental value to these memecoins and the raise in price was fuelled by nothing but hype. Now the hype tank is getting empty and the plane is falling down from the sky. (No coincidence that “Ponzi scheme” is reffered to as “airplane” in many languages.) The buyers just fell into trap set by creators of this Ponzi scheme while being led (in DOGE case) by Elon’s tweets like lemmings to the cliff .. For all those sad people, one reccomendation: read Niall Ferguson, “Ascent of Money”, specifically the chapters about Tulip fever in Holland or so called “South Sea bubble” in England. (And in future editions, the chapter about “crypto ICO’s” in 2018.) It will not get you your money back, but at least, it will make you feel better knowing that you are not alone. Falling victim to one’s own irrational exuberance and hype is an universal human trait which has been repeated through history million times.
bizmark
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@mr_lu, it rather seems to me that I was just too early. The last down leg after my call looks like "capitulation" actually which would mean the bottom is in. Let's see what's next.
Tommy_bnks
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@mr_lu, never underestimate the dumbness of the market. Yeha you might be right, but that doesnot mean shib will follow this logic. Attention of themarket clearly shifted again, but could come back once shib starts to reverse again. The last Breakout/fakeout has shown that clearly. New ath for shib? i don´t think so, but a 20-45% pump? Yes on the table
Iamthebomb
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Why would it break out of support when Bitcoin just broke down that doesn’t make any sense shib is going to break down like everything else in the market
kerdirks
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More downside coming ... one trendline with a candle on the right side does mean bullrun ... Technical Analysis includes indicators, support/resistance, moving averages and so much more. Keep learning.
kerdirks
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@kerdirks correction above ... "does not mean bullrun"