Hello all! Here are some of my personal reasons why I believe $Shib is still bullish in my eyes on the Daily timeframe:
1) Hidden MACD Divergence, price has made a higher low from the end of October to today, while the MACD has shown a Negative-Positive-Negative pattern, indicating to me that it is a bullish divergence.
2) Oversold on the Stochastic RSI, we have been oversold for quite sometime. As you can see from the chart, we have experienced an oversold condition every time before the next 'pump', so I believe this to be a bullish indicator.
3) Retracement to the 62% Fib level from the consolidation level formed back in late October, I believe this is a healthy support level (as it has been tested three times already), so I believe this to be a nice area to buy.
4) Volume has been flattening and consolidating for quite a while. Like the Stoch RSI, the volume has has history of flattening before the last two bull runs, so I believe this to be a bullish indicator as well.
Thank you for your time, and best of luck to anyone trading!
1) Hidden MACD Divergence, price has made a higher low from the end of October to today, while the MACD has shown a Negative-Positive-Negative pattern, indicating to me that it is a bullish divergence.
2) Oversold on the Stochastic RSI, we have been oversold for quite sometime. As you can see from the chart, we have experienced an oversold condition every time before the next 'pump', so I believe this to be a bullish indicator.
3) Retracement to the 62% Fib level from the consolidation level formed back in late October, I believe this is a healthy support level (as it has been tested three times already), so I believe this to be a nice area to buy.
4) Volume has been flattening and consolidating for quite a while. Like the Stoch RSI, the volume has has history of flattening before the last two bull runs, so I believe this to be a bullish indicator as well.
Thank you for your time, and best of luck to anyone trading!