SHIBUSDT to bounce from weekly support towards 0.00001095

SHIBUSDT has hit the daily support. However, the weekly support is also sitting very close under this current daily support. A possibility to visit the weekly support level cannot be ignored. I will expect a bounce towards the 4h resistance level around 0.00001095. By the way, if patient, price hitting weekly support will give a better long opportunity.

Comment:

The price has dipped below the weekly support which is not a good sign. However, the weekly candle still has two days to close and I believe there is a higher probability that the price will close above or at least inside this weekly support zone. After breaking down from weekly support price was consolidating under this support zone and now have moved upward and trading inside that weekly support zone.

Comment:

The price finally managed to trade above the weekly support zone and quite likely to close above this zone on weekly basis. After that the price shall aim for the next resistance zone which is daily resistance 1.

Trade closed: target reached:

The price finally has reached to our target. That resistance area is daily resistance and closing the position here makes sense after almost 10% profit. We will evaluate further where we go from here in a next post.

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