This past few days on minor market structure shiba inu was slowly retracing but just of recent it broke market structure on minor structure reversing from downtrend to an up trending market structure
Currently we’re still retracing on our daily time frame and 4hour time frame if price should close above 13.8492 I’d look for buy setups but if price closes below 11.7424 I’d wait for price to retrace down to our 0.6 daily Fibonacci retracement level then I’d wait for a confirmation before I buy for swing trade profit
Currently price tapped at my resistance and using my Fibonacci retracement that’s my 0.5 Fibonacci level am currently waiting for my SUPERTREND indicator to give me a sell signal to go short
According to my analysis we’re still very bullish on @shibainu but we got to our 0.5 Fibonacci retracement also known as our key level but on 4hour time frame we’re still bearish on our minor market structure until price closes above our 4hour lower high (LH) that’s when I would say our 0.5 Fibonacci level is a valid key level but if we create a new lower low (LL)...
