SHIB attempting to stabilise above strong Fibonacci support
NB - all levels are assumed to be preceded by 0.0000
The steady fall from the 8854 current year high of 28 October has reached the 3700 Fibonacci retracement, where rising daily stochastics and the improving daily Tension Indicator are prompting a sharp bounce.
There are early signs of a recovery developing, but a close above congestion around 5500 and the 5582 retracement is needed to confirm a more positive tone and open up congestion around 6000. Just higher is the 6207 retracement, but this area could prompt fresh profit-taking, before prices continue higher.
Whilst price action remains beneath 5500/82, sentiment will likely remain cautious and volatile.
Risk will be for a test of the 3700 retracement, but critical support is at the 3560 weekly low of 26 November and 3528 monthly spike high of 7 October. A close beneath here, if seen, would turn sentiment outright negative once again, and confirm continuation of the October bear trend.
The steady fall from the 8854 current year high of 28 October has reached the 3700 Fibonacci retracement, where rising daily stochastics and the improving daily Tension Indicator are prompting a sharp bounce.
There are early signs of a recovery developing, but a close above congestion around 5500 and the 5582 retracement is needed to confirm a more positive tone and open up congestion around 6000. Just higher is the 6207 retracement, but this area could prompt fresh profit-taking, before prices continue higher.
Whilst price action remains beneath 5500/82, sentiment will likely remain cautious and volatile.
Risk will be for a test of the 3700 retracement, but critical support is at the 3560 weekly low of 26 November and 3528 monthly spike high of 7 October. A close beneath here, if seen, would turn sentiment outright negative once again, and confirm continuation of the October bear trend.