Shib is looking incredible on the daily timeframe and here's why.
Fits note the blue MA. This is the 200 moving average on the daily and has acted as a critical level for support/resistance flips (red and green arrows). Currently price has been holding above which should signal continuation.
The second thing is notice the doji. Doji's typically signal reversals and so far we are seeing that happen.
We also see this reversal is getting us back above the 0.618 of our current trend. Most of the other candle bodies on the daily have held this level so getting back above will be a key indicator of strength.
Also, we have created a bullish divergence on the daily timeframe over the past weeks. This is shown by continued lower lows in price action but our strength index has continue to print higher highs.
Fits note the blue MA. This is the 200 moving average on the daily and has acted as a critical level for support/resistance flips (red and green arrows). Currently price has been holding above which should signal continuation.
The second thing is notice the doji. Doji's typically signal reversals and so far we are seeing that happen.
We also see this reversal is getting us back above the 0.618 of our current trend. Most of the other candle bodies on the daily have held this level so getting back above will be a key indicator of strength.
Also, we have created a bullish divergence on the daily timeframe over the past weeks. This is shown by continued lower lows in price action but our strength index has continue to print higher highs.
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