Hey guys. This IDEA is based off of some recurring patterns I see on the charts using Fibonacci Levels.
Notice after the initial breakout, SHIB usually settles above the 0.618 line before continuation to the upside. Then it forms a short term top around the 3.618 level.
I DO believe a similar situation is happening again and I DO think SHIB has hit a SHORT TERM top. (It may continue upwards in as little as a week or two)
The IMPORTANT THING to watch IF SHIBA DOES PULL BACK is if SHIB can hold itself at or above that 0.5-0.618 GREEN SUPPORT AREA on the chart! That is what will give us the go-ahead to continue higher...
The potential upside target on the chart right now is based off of similar fib levels but zoomed out a bit first. I will be able to more accurately predict targets as time passes and we get some more data.
Until then stay tuned... WATCH THE CURRENT LEVELS for resistance as I DONT THINK we are going higher BEFORE a pullback!
IF THE RED RESISTANCE LINE GETS BROKEN by MORE THAN JUST A WICK then this IDEA is Invalidated and we'll re-evaluate.
I will post updates here as needed or as things change. If I don't post an update, The situation is likely the same or I've been busy. If you'd like an update for any charts just leave a comment and I will hopefully be able to provide al least a short update in the same chart description... If situations change beyond that I WILL LIKELY publish a whole new chart al together.
Hope everyone is doing well. The markets are volatile right now so CAUTION traders and leverage users
****This is NOT financial advice. This is just an IDEA based off my experience analyzing charts and studying crypto. I recommend researching cryptocurrency because of the potential for you to become A BELIEVER of this technology and its future (FUNDAMENTALS ARE WHAT MAKE OR BREAK CRYPTO) IF YOU HAVE THIS, INVESTING BECOMES MUCH EASIER!***
Also I've left a link to my latest BTC analysis below, as much of the market usually follows BTC's lead.
Notice after the initial breakout, SHIB usually settles above the 0.618 line before continuation to the upside. Then it forms a short term top around the 3.618 level.
I DO believe a similar situation is happening again and I DO think SHIB has hit a SHORT TERM top. (It may continue upwards in as little as a week or two)
The IMPORTANT THING to watch IF SHIBA DOES PULL BACK is if SHIB can hold itself at or above that 0.5-0.618 GREEN SUPPORT AREA on the chart! That is what will give us the go-ahead to continue higher...
The potential upside target on the chart right now is based off of similar fib levels but zoomed out a bit first. I will be able to more accurately predict targets as time passes and we get some more data.
Until then stay tuned... WATCH THE CURRENT LEVELS for resistance as I DONT THINK we are going higher BEFORE a pullback!
IF THE RED RESISTANCE LINE GETS BROKEN by MORE THAN JUST A WICK then this IDEA is Invalidated and we'll re-evaluate.
I will post updates here as needed or as things change. If I don't post an update, The situation is likely the same or I've been busy. If you'd like an update for any charts just leave a comment and I will hopefully be able to provide al least a short update in the same chart description... If situations change beyond that I WILL LIKELY publish a whole new chart al together.
Hope everyone is doing well. The markets are volatile right now so CAUTION traders and leverage users
****This is NOT financial advice. This is just an IDEA based off my experience analyzing charts and studying crypto. I recommend researching cryptocurrency because of the potential for you to become A BELIEVER of this technology and its future (FUNDAMENTALS ARE WHAT MAKE OR BREAK CRYPTO) IF YOU HAVE THIS, INVESTING BECOMES MUCH EASIER!***
Also I've left a link to my latest BTC analysis below, as much of the market usually follows BTC's lead.
Comment:
DONT GET ME WRONG... IT LOOKS LIKE IT WANTS TO BLAST HIGHER RIGHT NOW on the smaller timeframes... I just think there's a good chance this fib level acts as a resistance FOR NOW. We'll see , The IDEA may get invalidated , Stay tuned.
Comment:
SHIB attempting to bounce off the 0.5-0.618 NOW. COULD POSSIBLY be a good BUY opportunity although I'd consider it a more aggressive BUY with a little more risk/reward. <--- JUST MY OPINION
