SHIB Finds Support Off Key Fibonacci 0.618 Level
Alright, In my last post I held a neutral stance because Shib approached a key a Fibonacci Retracement Level of 0.618 (or .00003798). I said that if it bounces off this level that this may signify the bottom and would be a good entry point.
Since then, it has bounced off the level with strength and came back down to test support at 0.618 retracement level. With the recent selloff of nearly everything earlier, this level held support very well and could be regarded as a key support level. I'd also consider this area a key accumulation zone and would try to accumulate anything in the .000037 - .000039 range.
Now that support is confirmed of multiple tests at that level you may look to the Fibonacci Extensions Level as likely target price levels. Most of the time, at these Fib extension levels, you can see price action momentum stalling out, consolidation, or even a reversal. So these levels are key levels to watch in the uptrend.
At the moment, I'd close any short positions and open long positions in accumulation zone near the 0.618 retracement level.
Technicals:
The Momentum indicators don't show much change on the daily due to the selloff earlier but the 8 and 12 hour ChandeMO indicator crossed the 9-day Moving Average. This is usually an indicator of positive momentum prior to a rally. This would solidify my going long stance further.
Good luck and Happy Trading.
Since then, it has bounced off the level with strength and came back down to test support at 0.618 retracement level. With the recent selloff of nearly everything earlier, this level held support very well and could be regarded as a key support level. I'd also consider this area a key accumulation zone and would try to accumulate anything in the .000037 - .000039 range.
Now that support is confirmed of multiple tests at that level you may look to the Fibonacci Extensions Level as likely target price levels. Most of the time, at these Fib extension levels, you can see price action momentum stalling out, consolidation, or even a reversal. So these levels are key levels to watch in the uptrend.
At the moment, I'd close any short positions and open long positions in accumulation zone near the 0.618 retracement level.
Technicals:
The Momentum indicators don't show much change on the daily due to the selloff earlier but the 8 and 12 hour ChandeMO indicator crossed the 9-day Moving Average. This is usually an indicator of positive momentum prior to a rally. This would solidify my going long stance further.
Good luck and Happy Trading.
