Helical_Trades

SHIB/USDT : Will SHIB show another Leg up ? Possible 70% growth

BINANCE:SHIBUSDT   SHIB / TetherUS
BINANCE:SHIBUSDT
Hello everyone 😃
Before we start to discuss, I would be glad if your share your opinion on this post and hit the like button if you enjoyed it !

#SHIB has formed a bullish pennant and based on the pattern bias is bullish for now.
Let's check the technical factors before we head to the analyze.

- MA50 has reached the lower support zone .
- Volatility just moved below the overbought zone and quit it's limit zone.
- RSI is moving on the neutral zone and bulls have the upper hand because of the the rate above the 50's level.
- Recent bearish divergence has worked out by the last dive.
- #SHIB just retraced to 50% FIB's retracement level and it's ready to hike more.
- Bollinger Bands lower line is supporting RSI and Volatility here on neutral zone.
- MACD is still moving on bullish side and it's still remains bullish , So we can wait for a bullish crossover as a confirmation.
🔰 Factors are bullish and it just needs to call a confirmation for bulls !

📚 Now the question is what should we except as a bullish movement ? Lets talk about it 👇🏼
First, #SHIB has to overtake 11 October’s swing high of $0.00003209 on strong volumes.
Bulls then have to negotiate past a bearish double top at $0.00003462 with conviction in order to fully capitalize on its bullish setup.
On the other hand, an immediate rejection at $0.00003202 could bring in some near-term selling pressure which would shine light on $0.00002757 and $0.0000255 support levels.
A breakdown could even extend all the way to $0.00002047 if the broader market fails to inject any bullish sentiment.

Now better to have eyes on oscillators :
#SHIB’s RSI has been on a steady decline since the first week of October.
Now if the RSI stays afloat above 50-55, the remaining sell pressure can be flushed out of the market. This would heighten chances of an upwards breakout.
However, expect a break in the opposite direction if the RSI weakens below 45.
Similarly, bulls would need to prevent the MACD from closing below the half-line as this could invite some additional downwards pressure.

At the end, What are the main levels for #SHIB to maintain bullish and hike above $0.0000400 ?
Before attempting a northbound breakout from its triangle, bulls had to ensure SHIB does not close below its immediate support line of $0.00002757.
In order to climb above the $0.0000400-mark, SHIB would need to maintain strong volumes while overtaking key areas mentioned above.
(Just a thanks to Saif Naqvi's vision, Which helped me alot on my overview ).

Now let's have a look on the fractals too 😉
I'm not a fan of comparing #DOGE's movement with #SHIB's movement but this fractal makes sense in the macro movement. ( It's technically wrong to compare their movements )
On 2021's February, #DOGE shows the same movement on #SHIB's movement and based on it, We might see more upside movements on #SHIB !
As you can they have similar movement and tags with the MA50 on 4Hours chart :
Peak --> Low --> Lower High --> Higher Low --> Higher High --> Higher Low --> ?
Based on #DOGE's movement, The next tag will be High ( based on current movement ).

Also it's good to know that #BTC has surged 80% bounce on 2021's February, So it suggests that the market's structure was bullish .
But now #BTC has reached the limitation levels and important resistances below ATH ; So If #SHIB wants to follow the #DOGE, Then we might have to see the new ATH on #BTC too.
However on current #BTC's bias, It suggests a retest to lower supports ( 55K - 51K - 48K ). So it's better to don't set this fractal as the main repetition.
Only use it when #SHIB break above the bullish pennant .


Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
@Helical_Trades
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