The TREND is your FRIEND

6 ต.ค. 2021

Folks,

My update on SHIBA..
People in crypto have heard this one lately.. SHIBA inu.
To the moon ??

Possibly. If I have learned one thing in my career is that the trend is really your friend. But that trend also needs to pause to correct itself and to continue afterwards.
The point of being a good trader is to see these first signals of trend reversals and use your common sense..

Well on the 4 hour chart of SHIBA INU I really find it quite difficult. Because...

The RSI is making lower highs + Volume is getting less more but the price is still rising.. To the what I have learned. This is bearish divergence (most often)

But when I look closely in to the price itself and the other variables.

It tells me..

There is momentum In the asset. Everybody wants to catch this hype. Candlesticks telling me BULLS still in control because of the long wicks on the downside of the candles.. That's bulls rejecting lower price.
The price is following very smoothly the 5 day MA.. And has broken above a resistance level that is getting tested now.

Well common sense is on it's place..

What do you think ???