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.
@HamadaMark, Thanks for your support dear :D Really appreciate it !
AjnoudaSikret
⋅
Great analysis, I agree with the bias and found couple more fractals that act exactly the same, but that pattern isn't a pennant, it's an upward channel. And the difference is that when the pennant is broken you have higher targets, but the upward channel might run only to the liquidity pool at the ATH for stop hunt, and then corrects to the downside.
Helical_Trades
⋅
@AjnoudaSikret, Great to know ! But I don't get it, why I can't recognize the channel here.. If you meant that it's a bullish flag with an ascending channel formation, Then it should be wrong cause the lines formation is more likely to disjoint.
There seems to be a fantastic determination behind the background of this idea ... I undoubtedly follow it.
Helical_Trades
⋅
@behshadtahan, Thanks mate, Hope I can be a useful source for you !
Mariosailor82
⋅
Believe, that all are speculations, and nobody knows how Shib will move forward neither any other coin. If u dare to review Dogecoin history 6 years back, u would verify that was on the same price that Shib presently is! Even though, would not be a bad idea to wait for 3-5 years to reach $0.01 or $0.1, so to make our dreams come true!!! ;-)