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Shiba Inu Coin Technical analysis

Hello everyone welcome back to another update

We are now testing the 23 levels and of course this is now the third test opportunity the reason why the 23 level of the course was very important was that looking at previous price actions this level acted as a very strong resistance point so Gideon these ally it should be acting as very strong support as well you can see we are not seeing that volume coming to the market as of right now, of course, it is the weekend so I'm not expecting much anyways but ideally what we want to see is, of course, a bounce opportunity on these exponential moving averages and then Things become very interesting if we end up bouncing off this level and hitting those exponential moving averages as resistance and ladies and gentlemen we are going to see a breakdown structure of Shiba possibly back into the main level of around 19 to 18 if of course we do see the Bulls break above these exponential moving averages and follow them by support then we can look for the next leg opportunity towards the upside and that brings me to my next point which is of course....

The Daily you can see that we have now officially broken below the 20 exponential moving average you can see the 20 EMA has been retested we are starting to see stronger bearish engulfing candles being formed we have to hold above the 23 support level but of course, you can see the EMES even on the daily is now pushing lower which usually means that we do have more downside coming ideally what we want to see is a period of consolidation like this and then a break above and then retest as support for the bullish confirmation in terms of the daily though if we do end up losing that support level then we can pay attention to our Wicks on The Daily time frame which of course would be right around this level right here which is why I'm expecting at least a 19 Wick to play out if we end up losing 23 if we do see something like this and that would be ideal but of course keeping a close eye on the 4hour time frame for this entry opportunities

see you in another update Please Don't forget to upvote, resteem, and comment...