Shiba Inu has been on the watchlist for a very long time. Been waiting for the massive inevitable impulse that will soon make us all shibillionaires!
Only issue is that there doesn't seem to be a clear bottom. No previous structures to indicate where it may reverse from. There's the 0.88 fibonacci level which could be a reversal zone.
So, how do we approach it?
Best way to get in at the bottom is by correlating it with other cryptocurrencies such as Bitcoin. When they find their bottom, we can assume that maybe Shib and other altcoins will have found their bottom.
SHORT Trade Idea:
- Watch for rejection of the structure and fib
- Enter with stops above the rejection
- Slowly take profits as we come down
LONG Trade Idea:
- Watch for Bitcoin and other major coins to find their bottom
- Watch Shib for similar price action
- Enter with stops below the lows
- Ride the wave until there appears to be a clear loss of momentum 🏄🏼♂️
Goodluck!
Only issue is that there doesn't seem to be a clear bottom. No previous structures to indicate where it may reverse from. There's the 0.88 fibonacci level which could be a reversal zone.
So, how do we approach it?
Best way to get in at the bottom is by correlating it with other cryptocurrencies such as Bitcoin. When they find their bottom, we can assume that maybe Shib and other altcoins will have found their bottom.
SHORT Trade Idea:
- Watch for rejection of the structure and fib
- Enter with stops above the rejection
- Slowly take profits as we come down
LONG Trade Idea:
- Watch for Bitcoin and other major coins to find their bottom
- Watch Shib for similar price action
- Enter with stops below the lows
- Ride the wave until there appears to be a clear loss of momentum 🏄🏼♂️
Goodluck!
