SHIBUSDT likely to bounce to 0.00001256 from weekly support

The price has now hit the weekly support. This is major support and we should have a good bounce from here. I expect at least a bounce to the nearest 4h resistance zone around 0.00001256 as a first step.

Comment:

The price has followed the path L1 and that target is achieved. Now path S2 is in progress. Lets watch if we complete S2 and that triggers the movement for path L3. Risking off at the end of path L1 and then loading up again at the end of path S2 makes sense. This reduces the risk as well as already registers some profit. And this also allows to reevaluate the decision to enter again at S2 based on the reaction the price gets when it reaches there. By the way, it is a bit too tedious and therefore, not recommended always and for everyone.

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Comment:

The target was achieved as the price hit the resistance zone and started pulling back from there and trading under that resistance zone, The pullback after path L1 denoted by S2 was not of the degree expected by path S2 but as I said it was not recommended to jump out and jump in as it is a bit complicated and better to stay in the position till the target.

If you like the content and find value in the posted analysis, please give a like and if you want to get notified about any new idea posted, please follow this account. I also share ideas on twitter, so if you want to tune to that, please check my twitter account: www.twitter.com/angela_altair

Trade closed: target reached:

Also closing this idea here as the target for this post has been achieved. We will see where the price is inclined to go from here in a new analysis post. So see you in a new post.