shibusd - Shiba inu usd Elliot wave counts

2. Juli 2022

Shiba is trading at ideal support zone at the starting point of wave cycle, but to confirm low/support in place and bullish reversal,
we need to see a recovery at least back to 0.00001435 area and more strong above 0.00000200 area. (One can go long after these confirmations) on the way down 0.00000450 levels are major support to watchout for.
As per Elliott wave perspective, we have been tracking (A)-(B)-(C) correction from all-time highs and wave (C) is now possibly completed,
as we see a completed five-wave cycle of the lower degree.


Overall wave structure, almost full wave cycle completed and price near major support level.


Waiting for close above 0.00001435 to made higher high and then higher low


Price is taking support at bottom of RK's mass psychological cloud on hourly time frame


Also on daily chart it entered again in RK's mass psychological cloud


Price action formed Morning star candle stick pattern on weekly time frame, but still waiting for follow up.


macd positive in daily time frame


MACD flat after down fall on weekly time frame


histogram breakout on daily time frame


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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.