Today I am charting Shiba Inu (SHIB) on a 4H linear chart.
The current price is back 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: There is a multi-day bearish divergence and the price has broken down.
Concern: Ichimoku Cloud resistance above.
In the red ovals I show where the price may be supported at the 0.236-0.382 fib level, which is a major drop from the current price.
What are your opinions on this? I love reading your comments below.
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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