SHIBA INU | Revealing The Criteria of My Previous BUY Idea!
Hi,
I got a lot of requests/DMs about my recent idea post of SHIBA INU: what were the criteria that made me call out SHIBA INU bottom or what was the criteria which lead me to think that it might be at least a short-term support. Considering that I thought to make an "educational" idea post to count these criteria step-by-step. Don't want to describe these in-depth but still, hopefully, you get at least something...
1. The trendline (numbers are also above on the major image).
Drawn from two points and waiting for the third touch. If there are other criteria around the third touch then I trust it the most and luckily there were a lot of other criteria around it.
2. Old resistance became support.
It wasn't the strongest resistance on the chart but it was enough if it matched with other criteria. Nice solid stop during the bull run at the end of October and literally it shows that there might have some liquidity to support further growth.
3. Channel projection.
Drawn from bodies to eliminate the market noise from lower wicks/from sell-offs. Usually, if there is a stronger sell-off than in the normal market situation, or if there are large wicks then I use bodies that can show me a bit better what the "correct" price is.
4. AB=CD.
Basically, there were two waves to draw them. It works quite perfectly if the AB=CD D point (D point completes the pattern) is around the channel projection trendline.
5. Fibonacci Retracement golden ratio 62%.
Drawn from Oct. 7th low to ATH. Again it was quite nicely around the area to add a bit of strength to the possible rejection area.
6. Fibonacci Extension 127%.
Lately, I use it quite rarely but it was another small confluence factor in it.
7. 50% drop from ATH.
Quite a good criterion to search support areas if the price has come down around 50% from ATH or if the price has come down from the most recent clear high.
8. 4-hour EMA200.
These were the criteria that allowed me to determine a possible price zone that can play/work/act as a support. If we combine these together we get quite a messy chart ;)
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Considering current price action after the 58% rejection from the bottom, great if you are in, great if you took out some profits but if you want to buy SHIBA INU right now then you should wait for another breakout because the price zone at $0.00006000 to $0.00006500 is quite strong.
Hopefully, this post will answer your questions.
All the best,
Vaido
I got a lot of requests/DMs about my recent idea post of SHIBA INU: what were the criteria that made me call out SHIBA INU bottom or what was the criteria which lead me to think that it might be at least a short-term support. Considering that I thought to make an "educational" idea post to count these criteria step-by-step. Don't want to describe these in-depth but still, hopefully, you get at least something...
1. The trendline (numbers are also above on the major image).
Drawn from two points and waiting for the third touch. If there are other criteria around the third touch then I trust it the most and luckily there were a lot of other criteria around it.
2. Old resistance became support.
It wasn't the strongest resistance on the chart but it was enough if it matched with other criteria. Nice solid stop during the bull run at the end of October and literally it shows that there might have some liquidity to support further growth.
3. Channel projection.
Drawn from bodies to eliminate the market noise from lower wicks/from sell-offs. Usually, if there is a stronger sell-off than in the normal market situation, or if there are large wicks then I use bodies that can show me a bit better what the "correct" price is.
4. AB=CD.
Basically, there were two waves to draw them. It works quite perfectly if the AB=CD D point (D point completes the pattern) is around the channel projection trendline.
5. Fibonacci Retracement golden ratio 62%.
Drawn from Oct. 7th low to ATH. Again it was quite nicely around the area to add a bit of strength to the possible rejection area.
6. Fibonacci Extension 127%.
Lately, I use it quite rarely but it was another small confluence factor in it.
7. 50% drop from ATH.
Quite a good criterion to search support areas if the price has come down around 50% from ATH or if the price has come down from the most recent clear high.
8. 4-hour EMA200.
These were the criteria that allowed me to determine a possible price zone that can play/work/act as a support. If we combine these together we get quite a messy chart ;)
--------------------------------------------------------------
Considering current price action after the 58% rejection from the bottom, great if you are in, great if you took out some profits but if you want to buy SHIBA INU right now then you should wait for another breakout because the price zone at $0.00006000 to $0.00006500 is quite strong.
Hopefully, this post will answer your questions.
All the best,
Vaido
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