shibusd - Shiba inu usd Elliot wave countsShiba is trading at ideal support zone at the starting point of wave cycle, but to confirm low/support in place and bullish reversal,
we need to see a recovery at least back to 0.00001435 area and more strong above 0.00000200 area. (One can go long after these confirmations) on the way down 0.00000450 levels are major support to watchout for.
As per Elliott wave perspective, we have been tracking (A)-(B)-(C) correction from all-time highs and wave (C) is now possibly completed,
as we see a completed five-wave cycle of the lower degree.
Overall wave structure, almost full wave cycle completed and price near major support level.
Waiting for close above 0.00001435 to made higher high and then higher low
Price is taking support at bottom of RK's mass psychological cloud on hourly time frame
Also on daily chart it entered again in RK's mass psychological cloud
Price action formed Morning star candle stick pattern on weekly time frame, but still waiting for follow up.
macd positive in daily time frame
MACD flat after down fall on weekly time frame
histogram breakout on daily time frame
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Shibainu
Shiba Inu good for a short trade - Intradaycryptocurrencies are in the correction phase for the last few trading sessions on a daily timeframe.
Shiba Inu has fallen with good volumes. The volume trend suggests that the selling pressure is high.
The price is trading below 20ema. RSI is weak. MACD on 15min. the timeframe is in negative territory and on 5min. the timeframe has crossed below the Signal line.
SL- Slightly above 20ema
Target, nearest swing low.
Risk reward is attractive at around 3.
Market Exit- Short termTotal 2 market cap gives a clear idea about how Altcoins can perform.
It's supports and resistance gives a clear indication when alts can pump and when it's time to exit.
As per the trend line shown, according to me after reaching the market cap of 1.35-1.4 T, the trend can break, retesting back to 1.2-1.25T which can significantly lead to alts dumping.
Till then, I expect $BTC to reach 51-52k mark and retrace back up to 45-46k (which should hold, if not it will go back to 30-34k and may be much lower)
#cryptocurrency
CRYPTOCAP:TOTAL2
BINANCE:BTCUSDT BINANCE:ETHUSDT
Will the meme token SHIB can rise again?SHIB gave multifold returns last year, and it started falling after reaching a new ATH. It keeps resisting a trendline during this time, from which it broke out yesterday. However, the price is currently trading near the resistance level. Either breaking this level or a retest of the trendline will be a perfect opportunity for the trade.
DYOR