Here we have identified a breakout on support which can be expected to drop down further with the ongoing bearish sentiment. Look over the price action below the highlighted support for a possible short entry.
On the 4H chart, Shiba shows a return to the right shoulder of a “Head & Shoulders” pattern. The price is near a significant resistance level. If this resistance is broken, the next target is at the upper resistance level.
Trading Scenario:
• Long: If the resistance is broken, aim for the next resistance level to take profits.
• Short: If the price is rejected at the resistance, a pullback to lower levels is possible.
Price hit to supply zone and looks pretty heavy imo. LTF market structer shifted and it gave me confident to enter short side. I am also awaiting bitcoin to drop a litle (see my bitcoin chart on my profile) so they can work together.
Targets can be seen on the chart.
Nothing i share is financial advice. Education purposes only.
