Hello,
I noticed an upward divergence on a weekly basis with a target towards the supply zone.
EP:0.008728
TP:0.025812
SL:0.008121
After reaching 0.0146, it is recommended to hedge the position at zero and take part of the profits.
Don't give advice, make wise decisions.
SHIBA INU has been experiencing significant selling pressure, compromising its previous bullish trend and indicating a potential reversal. The 50% Fibonacci retracement level presents a logical entry point for a short position. As the market seeks liquidity, price action could target previous swing lows. Consider initiating a short position on #SHIB at the 50% Fibonacci retracement level with targets at previous swing lows, employing a strict stop-loss above the recent swing high.
Important Disclaimer: This analysis serves as a technical perspective and should not be treated as direct financial advice. Conduct your own thorough due diligence and implement sound risk management strategies before executing any trades.
Based on the market data provided, the SHIB/USDT pair is currently trading at 97.0. The Relative Strength Index (RSI) over a 4-hour, 1-day, and 7-day period are 58.81, 60.11, and 55.90 respectively. These figures suggest that the pair is neither overbought nor oversold in the short, medium, and long-term.
The Moving Average Convergence Divergence (MACD) for the 4-hour, 1-day, and 7-day periods are 2.0, 12.0, and 23.0 respectively. This indicates a bullish trend in the short, medium, and long-term as the MACD is above zero.
The Bollinger Bands for the 4-hour, 1-day, and 7-day periods are 10.0, 100.0, and 1108.0 respectively. This suggests that there is a significant level of volatility in the market, especially in the long-term.
The support levels for the 4-hour, 1-day, and 7-day periods are 94.0, 93.0, and 89.0 (Support1), 90.0, 87.0, and 79.0 (Support2), and 87.0, 84.0, and 75.0 (Support3) respectively. This suggests that there is strong buying pressure at these levels.
The resistance levels for the 4-hour, 1-day, and 7-day periods are 10.0, 1051.0, and 111.0 (Resistance1), 1051.0, 111.0, and 1194.0 (Resistance2), and 111.0, 1126.0, and 1260.0 (Resistance3) respectively. This indicates that there is strong selling pressure at these levels.
Considering the above analysis, the SHIB/USDT pair is in a bullish trend across all time frames. However, it's also important to note the high volatility and strong resistance levels, which could lead to significant price fluctuations. Please note that cryptocurrency investments carry a high level of risk and you should only invest what you can afford to lose.
