On my previous SHIBUSD chart we were stuck in a downtrend. Since then it looks like we have made a decisive break from this downtrend bouncing off the daily EMA 20. Current trajectory, that I anticipate, will be along the major support and will range between either purple line on the chart and the green major support line. There is current major overhead resistance at 0.00008912 and minor overhead resistance 0.00005484. It seems BTC is building strength and testing lower supports. This may present an opportunity for profit takers to begin pumping alts. Time will tell. Uppermost red line indicates major overhead resistance. Lower most red line indicates minor overhead resistance. Purple lines indicate potential new upper channel borders. Thick red line indicates Daily EMA 20. Green line indicates major support. This is not financial advice, trade wisely and use your own due diligence.
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Comment:
The green major support can be used as an entry area or even stop loss (With clean break and personal risk tolerance) while either purple upper border can be used as a take profit area until SHIBUSD enters new daily trend.
Comment:
SHIBUSD has peaked above my minor resistance line, it could potentially keep pushing up to test upper boundaries. However, I expect it to push just a bit further then retest the minor resistance for support. After the retest it will more than likely make an attempt at the upper boundaries.
Trade closed: stop reached:
Boy was that unexpected