SHIBUSD Major bullish break! Repeating 2021??

18 янв. 2023 г.

Exactly 2 months ago we posted the following 'odd' idea after we found similarities between Shiba's (SHIBUSD) post-May 2022 price action with the May - September 2021 sequence:

The fractals looked identical, the RSI sequences too and the 2021 price action fit well inside the 2022 one.

Today Shiba broke above the Lower Highs trend-line that has been in effect since May 05 2022. The 1D RSI is extremely overbought but is on levels that compared to 2021 were after the break-out and closer to the Resistance test. It is reasonable to think that a 100% repeat of that fractal and sudden test of the 0.00003 Resistance in a few days is unrealistic to think without the fundamentals of October 2021 and since we are only at the start of the new Bull Cycle.

So a more pragmatic approach would be to use the previous Lower Highs, which as you see match fairly well with the Fibonacci retracement levels from the April 12 High.


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