Good day, while studying the chart #SHIBUSD $SHIB I noticed the conditions that will provoke the activity of the bulls.
On the monthly chart, sellers were unable to break through the minimum of 0.00000546, and therefore buyers are not giving up yet.
On the daily chart #ShibaInu we determine a downward trend. We see a breakdown of the trend resistance level.
However, by copying the slope angle and placing it on the last shadow (marked with a red arrow on the chart above), we have expanded the bearish trend, the players are still in it, which means that in order to change the trend from downward to upward, it is worth waiting for the breakdown of the trend resistance level (red dotted line) .
Arguments in favor of an early start of growth, pay attention to the chart above, previously the price reached the trend support level (blue arrows) and now the bears failed to touch the support (green reversal arrow) - this situation indicates a weakening of sellers’ strength. This pattern in the market is called trend fading.
✅By the way, I will tell you about it and other conditions on how to determine the completion and change of a trend at my seminar this Saturday, 07/08/23 at 16:00 Moscow time. on your YouTube channel: Freedom Control. Be sure to watch this broadcast or its recording, see you 🙂👍
Above, I gave an example of how on the SHIBUSD chart, in the period from August 2022 to February 2023, an upward price movement occurred after the trend faded.
Now we need to determine the future trend resistance level, so the current one (red dot) will be broken. On the weekly chart we see the rebound lows (green arrows on the chart above), connect them and get a trend support level.
Now we copy it and install it along the upper bodies of the candles. We have identified an indicative trend resistance level ✅
The purpose of its definition is so that we know where the market will plan to stop the price increase.
Next, since we see growth on the weekly chart as part of a downward trend (orange) - this is a correction after a fall and to determine where it will end, we will use the Fibonacci grid (figure above).
After establishing the grid on the last impulse, we had levels to which the market is interested in reaching 38.2 (0.00000937) and 0.50 (0.00001058), depending on the angle of price movement.
Let's go back to the daily chart.
Taking into account all of the above, the fall will continue if the price remains in a downward trend.
Growth will occur after the breakdown of the trend resistance level (red dotted line) on the daily level and the level of 0.00000850, the growth target is 0.00000937, if the growth continues, the target is the trend resistance level, the target is 0.00001058.
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* Breakout is the closing of the candle body behind a specified level. * Rollback is a level upon reaching which, with a high probability, the price may begin to correct to the previous, breakout level or go into a deeper correction to the level of resistance or support of the main trend. You can record your profit without waiting for your goal. Use positive sl and trailing stop
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