Market
Shiba Inu (SHIB) jumps three times from the previous ATH, what next?
Shiba Inu (SHIB) appears to have found support at its all-time high so far, but has failed to initiate an upward move.
Day outlook
The SHIB has fallen since hitting an all-time high of $ 0.0008800 on October 28th. The decline was sharp, dropping to a low of $ 0.00043 on November 4th with a decline of over 50% in just seven days.
However, it bounced three times from the support area of ​​$ 0.0004500. These jumps are important as they have acted as resistance to previous all-time highs. This is a bullish sign.
However, the technical indicators are falling. The MACD, formed by the short and long term moving averages (MAs), is moving down. This means that the short-term MA is slowing down compared to the long-term MA. It is a sign that is usually associated with the start of a downtrend.
The RSI, which is a momentum indicator, threatens to drop below 50. Crosses above and below 50 are considered uptrend / bearish benchmarks. The previous cut above 50 (green symbol) occurred on October 1st and preceded the entire rally to a new all-time high.
Daily SHIB / USDT Chart | Source: TradingView
Short term outlook from Shiba Inu
The six-hour chart shows the SHIB has been moving along a descending resistance line since its all-time high in October.
As long as this is the case, the adjustment cannot be considered complete.
If a breakout does occur, the closest resistance is at $ 0.00006200.
At the time of writing, there is no evidence that an outbreak will occur.
6-hour SHIB / USDT chart | Source: TradingView
Count waves
Trader @ Mesawine1 has sketched the SHIB chart, indicating that the SHIB has completed its impulse and is currently correcting.
The source: Twitter
Looking at the move since September, SHIB completed a 5-wave bullish impulse that resulted in an all-time high of $ 0.00008800. If true, it means the bullish process is complete and the SHIB is currently correcting.
With this option, SHIB is in wave B of the ABC correction structure.
Therefore, even if a potential short-term breakout does occur, it is likely to hit a lower high and start another downward move.
The main support area is at $ 0.00003000 which is the same as 0.382 fib retracement support and horizontal support area.
6-hour SHIB / USDT chart | Source: TradingView
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Market
Shiba Inu (SHIB) jumps three times from the previous ATH, what next?
Shiba Inu (SHIB) appears to have found support at its all-time high so far, but has failed to initiate an upward move.
Day outlook
The SHIB has fallen since hitting an all-time high of $ 0.0008800 on October 28th. The decline was sharp, dropping to a low of $ 0.00043 on November 4th with a decline of over 50% in just seven days.
However, it bounced three times from the support area of ​​$ 0.0004500. These jumps are important as they have acted as resistance to previous all-time highs. This is a bullish sign.
However, the technical indicators are falling. The MACD, formed by the short and long term moving averages (MAs), is moving down. This means that the short-term MA is slowing down compared to the long-term MA. It is a sign that is usually associated with the start of a downtrend.
The RSI, which is a momentum indicator, threatens to drop below 50. Crosses above and below 50 are considered uptrend / bearish benchmarks. The previous cut above 50 (green symbol) occurred on October 1st and preceded the entire rally to a new all-time high.
Daily SHIB / USDT Chart | Source: TradingView
Short term outlook from Shiba Inu
The six-hour chart shows the SHIB has been moving along a descending resistance line since its all-time high in October.
As long as this is the case, the adjustment cannot be considered complete.
If a breakout does occur, the closest resistance is at $ 0.00006200.
At the time of writing, there is no evidence that an outbreak will occur.
6-hour SHIB / USDT chart | Source: TradingView
Count waves
Trader @ Mesawine1 has sketched the SHIB chart, indicating that the SHIB has completed its impulse and is currently correcting.
The source: Twitter
Looking at the move since September, SHIB completed a 5-wave bullish impulse that resulted in an all-time high of $ 0.00008800. If true, it means the bullish process is complete and the SHIB is currently correcting.
With this option, SHIB is in wave B of the ABC correction structure.
Therefore, even if a potential short-term breakout does occur, it is likely to hit a lower high and start another downward move.
The main support area is at $ 0.00003000 which is the same as 0.382 fib retracement support and horizontal support area.
6-hour SHIB / USDT chart | Source: TradingView
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
