SHIBUSDT Potential uptrend reversal, 0.618 Fib level 0.00003500$
Hello Traders !
- Please push the like button if you like the content or drop a comment to share your idea!
- SHIB on 1D time-frame chart has showed us a correction phase since the end of October till mid-end of November price failed to make a new Lower Lows,
this can give a positive sign that Bears have lost there strength and buyers are preparing to push the price higher, accumulation showed us a strong demand zone on 0.00003500$ - 0.30000800$ where the presence of 0.618 Fibonacci , also the 100 EMA line soon to be reaching the token price.
- On 4H time-frame chart we can a see a Falling wedge pattern which give us a good sentiment over the market that buyers could push the price upper, this type of falling pattern is a good bullish reversal.
- What i would like to see is a good breakout from this falling wedge towards resistance level 0.00004700$ - 0.00004900$ which our 200 EMA ( Dynamic resistance ) exist , along with a good buying volume, traders will go long from there.
- Stochastic is projecting a bullish divergence , price is in bears territory indicating that they are trying to take control over the SHIB token.
- Above I have explained the importance of the bottom support level and it is also understandable that a breakout from this level, would create a significant impact on the price token, for now we are overall bearish until a new confirmation occurs.
- Technical fundamentals :
- Newegg, the Electronic Retail giant, has officially announced on their Twitter page that they would be accepting the SHIB token as a payment in.
-The SHIB token surpasses the 1 million wallet holders milestone.
Thank you , good luck traders !
- Please push the like button if you like the content or drop a comment to share your idea!
- SHIB on 1D time-frame chart has showed us a correction phase since the end of October till mid-end of November price failed to make a new Lower Lows,
this can give a positive sign that Bears have lost there strength and buyers are preparing to push the price higher, accumulation showed us a strong demand zone on 0.00003500$ - 0.30000800$ where the presence of 0.618 Fibonacci , also the 100 EMA line soon to be reaching the token price.
- On 4H time-frame chart we can a see a Falling wedge pattern which give us a good sentiment over the market that buyers could push the price upper, this type of falling pattern is a good bullish reversal.
- What i would like to see is a good breakout from this falling wedge towards resistance level 0.00004700$ - 0.00004900$ which our 200 EMA ( Dynamic resistance ) exist , along with a good buying volume, traders will go long from there.
- Stochastic is projecting a bullish divergence , price is in bears territory indicating that they are trying to take control over the SHIB token.
- Above I have explained the importance of the bottom support level and it is also understandable that a breakout from this level, would create a significant impact on the price token, for now we are overall bearish until a new confirmation occurs.
- Technical fundamentals :
- Newegg, the Electronic Retail giant, has officially announced on their Twitter page that they would be accepting the SHIB token as a payment in.
-The SHIB token surpasses the 1 million wallet holders milestone.
Thank you , good luck traders !
Trade active:
TP1 REACHED