SHIBUSDT has made a weekly retracement since its recent bearish impulse to the downside, price is now currently testing the 0.618 fib in confluence with previous weekly support now acting as resistance, If we take a look at the 1D TF (left) we can notice how price is testing the long term descending trendline and potentially forming a new lower high, we also have a nice W formation on the neckline in which we expect the market to complete at the neckline giving us our first potential downside target - looking at the 30m and 1h TF we can see how yesterday price broke above the micro trend which would have induced a large amount of bulls into the market. Watching for a push above the highs on the 30M and 1H for a finaly induction then we will be potentially looking for shorts. ONLY if our other entry rules are met.
Busy day ahead again for global markets, in terms of fundamental events.
Yesterday we saw the US inflation data push the crypto and indices market up (which is currently seeing heavy correlation) Today the Labour market data will be published and there is a high probability it will have a opposite reaction. Eyes on the NY session open.
Busy day ahead again for global markets, in terms of fundamental events.
Yesterday we saw the US inflation data push the crypto and indices market up (which is currently seeing heavy correlation) Today the Labour market data will be published and there is a high probability it will have a opposite reaction. Eyes on the NY session open.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.