We need to talk about Shiba Inu. Long TA post.
Oh boy here we are again. It wasnt long ago I wrote about Shib having difficulty in the near future.. Falling into an old consolidation area between 2900 and 3200.. We did end up getting as low as 3570. But I digress, the point of that post was to show major strength has left from our Oct pumping powerhouse. You don't need to take my word for it either, go on Etherscan and look up the controlling wallets and former orders yourself. Before I continue on my full analysis on the pup I wanna go over some quick things. This is just speculative technical analysis guys, I want Shib to succeed too.. But I am not going to lie to the SHIB army about how it's going to the moon, when that isnt what the chart is showing me. This TA is going to focus on what I have seen take place from my last post on NOV 24th to now DEC 3rd.
Since NOV 1st SHIB has been on a constant downfall. I tried to call break after break to no avail. What happened? Well the hard pill to swallow is the SHIB has already burnt out it's meme fame. What do I mean by that? If you go through the orders on Etherscan you can see the attempts for whales to pull SHIB out of its hole. It also LITERALLY just happened a few days ago.. and failed hard. Again.. The major problem here no one wants to believe (more likely understand) is that the retail and financial sector has already left SHIB. Just like they left DOGE over this past summer. They used it for all it was worth as a fad and now they have already peaced out. Let's look at DOGE.. DOGE had its major run from retail and celeb support.. and now it hasn't done a damn thing since LAST MAY! Don't believe me? Go look at the DOGE chart and then you can tell me why you think SHIB for some reason is going to beat the odds vs DOGE. It is literally in the exact same boat. That doest mean I dont have some hope, but I am a chart reader, and I go 100% with what the chart explains to me.
The meat of the TA:
Before I get into the new TA I have to thank my buddy @MoonFaceMan who noticed the current tunnel I am using as projection now. I saw his TA and well, he's right when it comes to finding the downward parallel channel SHIB is currently in. Now I am going to add what I see and what we want to happen for future success. Long term success, because short term we are still in trouble.
The first thing we are going to look at is the teal tunnel I have as projection. (thx Moon) The second I saw his TA I knew he was right in finding that pattern. Well, we are still in that pattern. Over the past week or so we had a chance to finally break that the tunnel. Instead we simply ended up extending it. SHIB got all the way up to 5400 and it looks like a real break reversal had FINALLY ARRIVED. I was even considering making a post about it, but after getting my heart broken so many times on shib breaks I waited.. and well. you see where we are now right? All the way back down to 4100. This is bad guys. This proves to me that not only retail has left, but no amount of whale support can save it.. and investors have left in droves. The shib army has a huge battle ahead.. and i'm just getting started..
We have a primary and secondary tunnel projections inside the teal tunnel. They are marked as purple projections. Both are aiming right down to the old consolidation. Now we might not officially hit those levels, but the idea is we are going to keep getting pulled down there until major buys form in the visible range. Until we get a break reversal with confirmation price is going to continually fall back down here toward the bear end of our tunnel.
Now that we have found one official pattern. Let's focus on the VPVR - Visible range. For those of you that don't use this tool. It is easily one of the best indicators available to all traders. The VPVR gives us an idea of the most valuable price areas to traders. The reason I made my last post about the 2700 level is because the VPVR can work like a magnet. Pulling previous price to its largest buy and sell areas. This works in both a bull and bear manner respectively. We are also able to develop natural support and resistance lines. The problem that occurred over NOV is shib didnt get enough buys (retail leaving) vs OCT to keep price going up (barely even enough for consolidation) This is why price has continually gone down, and I fear may continue to go down. Especially as we get further into the winter. If we go out into the macro between the 6H / 12H / D we can see that the major level the VPVR has is all the way back down at 679. I dont think we will go that low, but the second major area is the 2700 area. Now we might not get down that low either. But so far we have gotten continually pulled back down to the 4000 level. And we are going to need MAJOR pumps to get us out of this hole. And I am not talking some new exchange or some crazy tweet. MAJOR retail and financial support only at this point. Or else just forget it SHIB isnt going anywhere anytime soon.
The next major problem I have written about many times before. Support and resistance levels. SO. MANY. RESISTANCE AREAS. There are now a WHOPPING ELEVEN MAJOR resistance areas for us to fight before we see a new ATH. As a scalper in TA we try to discover and trade patterns. That is literally what I do all day. I am a full time day trader who finds and trades patterns through futures. I can go short, I can go long, but what i want are major pump points in those directions. SHIB recently had that major pump. On Nov 29th and 30th SHIB finally had a buy injection. The etherscan levels thru wallets don't make it clear what the pump was brought on by, whether it was the new Kraken release or a combination of things. But finally it looked like SHIB was going to achieve the big break reversal we have been waiting for literally for 5 weeks. We broke thru 2 major resistance levels also inside the tunnel pattern, both 4850 and then 5200 got SMASHED. Then... then... then.. in the next few hours we dropped under BOTH resistance areas. This is what happens now with the loss of retail, when positive pumps manifest, they can't hold their levels without major support. In this case, that's exactly what our issue was and will continue to be for our lil SHIB SHIB.
To sum everything up. SHIB, i loved you lil guy. I will always be a fan. You truly delighted me with insane success in OCT, and had a really rough NOV. SHIB is now around 4100. The end of Oct it was at 8800. I suggest if youre going to be a SHIB holder, be a diamond hand holder. Plan on holding for a year plus, in the short term showing failure after failure to produce I dont really have a positive outlook. If you do, awesome, someone needs to I guess. But i need to go where the major pumps dwell. The market has been down on and off as a whole and that of course has affected it too. Remember BTC is the master crypto, if it's doing bad, your alts will do bad. The only opportunity I see for SHIB now is a full resurgence, but it would have to be so grandiose on a scale of a MEGApump to see a break reversal at this point that it's hard to watch. I wish all the SHIB holders the best of luck. I get asked when a good time to get in to SHIB is all the time. I for one am not putting any money into it. Not until I see definitive proof of a break. I am also not going to try to scalp it anymore, I stopped when retail left mid Nov since the breaks and shorts happen so wonky. I will continue to write about SHIB and support it since I have many members in CC that ask me for TA on it. Cause I want them to succeed and see how the TA for a coin works over time. I wish all SHIB holders the best!! For the time being I am going to wait and watch. Cheers everyone!
Since NOV 1st SHIB has been on a constant downfall. I tried to call break after break to no avail. What happened? Well the hard pill to swallow is the SHIB has already burnt out it's meme fame. What do I mean by that? If you go through the orders on Etherscan you can see the attempts for whales to pull SHIB out of its hole. It also LITERALLY just happened a few days ago.. and failed hard. Again.. The major problem here no one wants to believe (more likely understand) is that the retail and financial sector has already left SHIB. Just like they left DOGE over this past summer. They used it for all it was worth as a fad and now they have already peaced out. Let's look at DOGE.. DOGE had its major run from retail and celeb support.. and now it hasn't done a damn thing since LAST MAY! Don't believe me? Go look at the DOGE chart and then you can tell me why you think SHIB for some reason is going to beat the odds vs DOGE. It is literally in the exact same boat. That doest mean I dont have some hope, but I am a chart reader, and I go 100% with what the chart explains to me.
The meat of the TA:
Before I get into the new TA I have to thank my buddy @MoonFaceMan who noticed the current tunnel I am using as projection now. I saw his TA and well, he's right when it comes to finding the downward parallel channel SHIB is currently in. Now I am going to add what I see and what we want to happen for future success. Long term success, because short term we are still in trouble.
The first thing we are going to look at is the teal tunnel I have as projection. (thx Moon) The second I saw his TA I knew he was right in finding that pattern. Well, we are still in that pattern. Over the past week or so we had a chance to finally break that the tunnel. Instead we simply ended up extending it. SHIB got all the way up to 5400 and it looks like a real break reversal had FINALLY ARRIVED. I was even considering making a post about it, but after getting my heart broken so many times on shib breaks I waited.. and well. you see where we are now right? All the way back down to 4100. This is bad guys. This proves to me that not only retail has left, but no amount of whale support can save it.. and investors have left in droves. The shib army has a huge battle ahead.. and i'm just getting started..
We have a primary and secondary tunnel projections inside the teal tunnel. They are marked as purple projections. Both are aiming right down to the old consolidation. Now we might not officially hit those levels, but the idea is we are going to keep getting pulled down there until major buys form in the visible range. Until we get a break reversal with confirmation price is going to continually fall back down here toward the bear end of our tunnel.
Now that we have found one official pattern. Let's focus on the VPVR - Visible range. For those of you that don't use this tool. It is easily one of the best indicators available to all traders. The VPVR gives us an idea of the most valuable price areas to traders. The reason I made my last post about the 2700 level is because the VPVR can work like a magnet. Pulling previous price to its largest buy and sell areas. This works in both a bull and bear manner respectively. We are also able to develop natural support and resistance lines. The problem that occurred over NOV is shib didnt get enough buys (retail leaving) vs OCT to keep price going up (barely even enough for consolidation) This is why price has continually gone down, and I fear may continue to go down. Especially as we get further into the winter. If we go out into the macro between the 6H / 12H / D we can see that the major level the VPVR has is all the way back down at 679. I dont think we will go that low, but the second major area is the 2700 area. Now we might not get down that low either. But so far we have gotten continually pulled back down to the 4000 level. And we are going to need MAJOR pumps to get us out of this hole. And I am not talking some new exchange or some crazy tweet. MAJOR retail and financial support only at this point. Or else just forget it SHIB isnt going anywhere anytime soon.
The next major problem I have written about many times before. Support and resistance levels. SO. MANY. RESISTANCE AREAS. There are now a WHOPPING ELEVEN MAJOR resistance areas for us to fight before we see a new ATH. As a scalper in TA we try to discover and trade patterns. That is literally what I do all day. I am a full time day trader who finds and trades patterns through futures. I can go short, I can go long, but what i want are major pump points in those directions. SHIB recently had that major pump. On Nov 29th and 30th SHIB finally had a buy injection. The etherscan levels thru wallets don't make it clear what the pump was brought on by, whether it was the new Kraken release or a combination of things. But finally it looked like SHIB was going to achieve the big break reversal we have been waiting for literally for 5 weeks. We broke thru 2 major resistance levels also inside the tunnel pattern, both 4850 and then 5200 got SMASHED. Then... then... then.. in the next few hours we dropped under BOTH resistance areas. This is what happens now with the loss of retail, when positive pumps manifest, they can't hold their levels without major support. In this case, that's exactly what our issue was and will continue to be for our lil SHIB SHIB.
To sum everything up. SHIB, i loved you lil guy. I will always be a fan. You truly delighted me with insane success in OCT, and had a really rough NOV. SHIB is now around 4100. The end of Oct it was at 8800. I suggest if youre going to be a SHIB holder, be a diamond hand holder. Plan on holding for a year plus, in the short term showing failure after failure to produce I dont really have a positive outlook. If you do, awesome, someone needs to I guess. But i need to go where the major pumps dwell. The market has been down on and off as a whole and that of course has affected it too. Remember BTC is the master crypto, if it's doing bad, your alts will do bad. The only opportunity I see for SHIB now is a full resurgence, but it would have to be so grandiose on a scale of a MEGApump to see a break reversal at this point that it's hard to watch. I wish all the SHIB holders the best of luck. I get asked when a good time to get in to SHIB is all the time. I for one am not putting any money into it. Not until I see definitive proof of a break. I am also not going to try to scalp it anymore, I stopped when retail left mid Nov since the breaks and shorts happen so wonky. I will continue to write about SHIB and support it since I have many members in CC that ask me for TA on it. Cause I want them to succeed and see how the TA for a coin works over time. I wish all SHIB holders the best!! For the time being I am going to wait and watch. Cheers everyone!